Former Queensland property developer, Ian Omar Chester has been sentenced to 9 years imprisonment for aggravated* following an ASIC investigation into multiple Southeast Queensland property development companies.

Mr Chester pleaded guilty on 29 September 2026 in the Southport District Court to dishonestly applying over $2.2 million in investor funds to his own use or for the use of others which involved falsifying investor authorities to secure their release. Some funds were paid into accounts in his name or used to satisfy debts he had personally incurred when he knew that the funds had been invested for specific purposes.

Mr Chester was sentenced to 9 years imprisonment, with eligibility to apply for parole after 3 years.

ASIC’s investigation concerned sophisticated and deliberate dishonesty by Mr Chester who was the sole director of approximately 18 companies used as investment and development vehicles involved in five property development projects.

The projects raised funds from 190 investors, many who used funds from their self-managed super funds to invest.

The Court heard that, despite knowing the land for one development had been sold to an unrelated party, Mr Chester caused an investor to receive information stating the project was on track, leading them to invest.

ASIC Chair Sarah Court said, ‘Investors entrusted Mr Chester with millions of dollars for property development projects. Instead, substantial funds were diverted away from the purposes represented to investors.

‘This outcome demonstrates ASIC’s commitment to holding directors and company officers accountable for misusing investor funds and ensuring they face serious criminal consequences.’

In handing down the sentence in the District Court at Southport, her Honour Judge Prskalo KC remarked that these people (investors) worked hard to save money they have now lost. Her Honour said the offending was ‘sustained and deliberate dishonesty’ and having considered 17 victim impact statements, accepted that investors had suffered ‘real harm’ and that ‘paying funds to creditors of other projects is as good as paying yourself’.

The matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following an investigation by ASIC.

Background

In July 2021, ASIC obtained Federal Court asset freezing orders against Mr Chester and associated entities. Subsequently, liquidators were appointed to wind up the associated entities. (21-188MR).

In December 2023, Mr Chester was charged with numerous criminal offences in connection with multiple companies engaged in Gold Coast property development project (23-325MR).

 

* Under the Criminal Code (Qld) aggravated fraud applies where the offence involves specific circumstances that increase its seriousness including where the fraud involves $100,000 or more, or where the offender is found to be carrying on the business of committing fraud.