A Dutch immigrant whom the Australian Securities and Investments Commission (ASIC) says is wanted in Canada on 53 counts of fraud and theft involving $10.8 million has been arrested in Hobart and sent to Cairns to face charges. The regulator alleges that Piet Walters engaged in dishonest conduct in relation to the provision of a financial service. Mr Walters is also known as Fred Siebolt Hofma.

He was ordered by a Hobart magistrate to be extradited to Cairns, where he was later charged. ASIC alleges that Mr Walters gave dishonest advice to an investor between May 26 2002 and July 16 2002 regarding the set-up of a self-managed super fund and the subsequent investment of the fund’s assets with Drury Management.

This wasn’t the first time that Mr Walters has been in trouble. The regulator took civil action against him last September after receiving interim orders in the Supreme Court of Queensland, appointing an interim receiver to an allegedly unregistered managed investment scheme operated by Drury Management.

ASIC has filed an application with the court for declarations that Drury Management was operating an unregistered management investment scheme, and is seeking to restrain them from operating the scheme, or receiving or soliciting funds in connection with the scheme. They also want to see a liquidator appointed to the scheme and Drury Management, but a date for the hearing is yet to be set.

Mr Walters was remanded in custody to appear again on May 6.