Following an ASIC investigation, an Adelaide man has faced court accused of deception totalling $12 million.

Former mortgage broker Michael Samra faced Adelaide Magistrates Court on 22 May 2015 charged with 12 counts of deception.

ASIC alleges Mr Samra operated a Ponzi scheme with promises of high returns on the investment, some up to 30-48 per cent a year.

ASIC alleges Mr Samra induced investors to loan his company, ALC Group Pty Ltd, money on the basis that it would be on-lent to unnamed builders or property developers on a short term basis. Approximately $66 million came into the ALC bank account over a seven month period with the majority of funds paid out to investors.

The charges follow the collapse of Norwood-based ALC Group in 2009 owing liabilities of approximately $40 million.

Mr Samra, who was not required to enter a plea, was bailed and the matter will return to court on 28 July 2015.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Editor's note 1:

On 28 July 2015 the matter was adjourned to 8 October 2015.

Editor's note 2:

On 8 October 2015 the matter was adjourned to 3 December 2015.

Editor's note 3:

On 3 December 2015, Mr Samra appeared in the Magistrates Court and pleaded not guilty to 12 counts of deception totalling over $12 million. Magistrate Paul Foley found that Mr Samra had a case to answer and committed Mr Samra to the Adelaide District Court for trial. Mr Samra will be arraigned in the  Adelaide District Court on 11 January 2016 at 10am.  

Editor's note 4:

On 11 January 2016, Mr Samra was arraigned in the District Court and pleaded not guilty to all counts. The matter is listed for directions hearing on 11 February 2016 at 9am.

Editor's note 5:

On 11 February 2016 the matter was adjourned to 3 March 2016.

Editor's note 6:

On 3 March 2016, the matter was adjourned to 2 May 2016 for directions hearing in a closed court.

Editor's note 7:

A directions hearing was held on 14 April 2016 at which time the matter was listed for trial in the District Court commencing 1 May 2017. The directions hearing in a closed court listed on 2 May 2016 was re-listed for 17 June 2016.

Editor's note 8:

On 30 March 2017, Mr Samra pleaded guilty to six charges of deception totalling $1.902 milllion (refer: 17-104MR).