- Former DanFX Trade director sentenced to over 7 years for defrauding investors.
- Ali misappropriated over $771,000 of investor funds for personal use, including luxury purchases and real estate.
Daniel Farook Ali, the former director of DanFX Trade Pty Ltd, will spend over seven years behind bars after being found guilty of defrauding investors of over $771,000.
The Brisbane District Court handed down the sentence following an ASIC investigation that revealed Ali’s misuse of funds for personal gain.
Ali pleaded guilty to five counts of fraud, admitting to using the money for personal purchases rather than legitimate trading activities.
Judge Heaton KC, during sentencing, noted the sophisticated nature of the crime and the devastating impact it had on the victims.
The sentence serves as a stark reminder of the risks associated with unlicensed financial operations and the importance of thorough due diligence before investing.
Ali will be eligible for parole in July 2024, having already served time in custody since his arrest in 2021.
