What happened
Usman Siddiqui, the former sole director of Equitable Financial Solutions Pty Ltd (now in liquidation), was sentenced on 6 August 2026 in the NSW District Court to 6 years and 6 months in prison, with a non-parole period of 3 years and 3 months.
The charges
Siddiqui pleaded guilty on 17 June 2026 to two counts of dishonestly using his position as a director under section 184(2)(a) of the Corporations Act 2001. That section carries a maximum penalty of 15 years imprisonment.
What the conduct involved
Between May 2019 and October 2019, Siddiqui transferred approximately $1.75 million from company accounts to his personal accounts and then to overseas accounts. At the time, the company was in serious financial difficulty and owed clients around $11.3 million in refunds.
Equitable Financial Solutions Pty Ltd was placed into liquidation on 26 November 2019. By February 2020 the company owed more than $20 million to creditors.
Who investigated and prosecuted
ASIC investigated the matter. The Commonwealth Director of Public Prosecutions prosecuted it.
Key actions
- Maximum penalty: Dishonestly using a position as a director carries a maximum penalty of 15 years imprisonment under section 184(2)(a) of the Corporations Act 2001.
- Reporting concerns: Concerns about a director misappropriating funds can be reported to ASIC at asic.gov.au/report or by calling 1300 300 630.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.