Business Smarts Story
No gains ... George Hawa leaving court / Pic: Ross Schultz Source: The Daily Telegraph
GEORGE Hawa lists "financial markets" as a hobby on his Facebook page but trying to turn it into a profession left him accused of a $4.2 million fraud.
The Seaforth man, 25, faced North Sydney Local Court yesterday charged with 52 counts of obtaining money by deception and six counts of dishonestly obtaining a financial advantage.
Police allege that over a five-year period the unlicensed and unregistered stock market enthusiast enticed 77 people - mostly relatives and family friends on the Northern Beaches and lower North Shore - to invest $5.9 million with him.
He allegedly told them that significant gains were being made but he almost lost the lot.
About $1.7 million was able to be retrieved for 19 of his clients, police alleged, leaving 58 people with a combined loss of $4.2 million.
Solicitor John Sutton said outside court that his "devastated" client realised the extent of his troubles earlier this month and approached him for help.
The pair then went to the police, who charged Hawa.
"He is embarrassed but primarily he is devastated for the hurt that he has caused individuals," Mr Sutton said.
"His intentions at all times were to invest the money on behalf of the people who had given it to him [and] to return to them a profit. Unfortunately he wasn't that kind of trader in that he could not make that occur.
"He approached my office, confessed that he tried to trade himself out of difficulties [and] handed himself in.
"We have prepared the brief of evidence for the police ... he has provided a full, open and honest confession to the police.
"He has expressed remorse, through us, to the police and through the police hopefully to the victims."
Mr Sutton said right up until his client's confession, he remained in strong demand.
"Right up until the day we handed him in, people were still trying to get him to take money and invest with it," Mr Sutton said.
On his Facebook page, Hawa lists "financial markets" as one of his "Likes and Interests" and included stock market bible Trading In The Zone as one of his favourite reads.
Hawa, who has yet to enter a plea, will return to court on October 12.
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