The former director of a financial services company has been jailed after transferring approximately $1.75 million from the financially distressed business to personal and overseas accounts.
Usman Siddiqui, former sole director of Equitable Financial Solutions, which provided sharia-compliant investment and lending products to the Australian Muslim community, was sentenced to six years and six months’ imprisonment on 6 August in the District Court of NSW.
Siddiqui pleaded guilty on 17 June to two counts of dishonestly using his position as a director, while a third offence was taken into account in sentencing for count one. He will not be eligible for parole for three years and three months.
The offences relate…