Australian Securities and Investments Commission (ASIC) has announced that the former director of Fuelbanc Australia Limited (Fuelbanc), Stephen McDougall, of Noosaville, Queensland was arrested today in relation to his conduct as a director of Fuelbanc and the promoter of The Fuelbanc Scheme.

The arrest follows an investigation by ASIC. Mr McDougall was charged before the Maroochydore Magistrates Court with nine counts of dishonest use of his position as an officer of Fuelbanc.

The Fuelbanc Scheme collapsed in August 2006 owing 510 investors more than $1,499,900.

Mr McDougall was granted bail to appear at the Melbourne Magistrates Court on 10 November 2009 on the following conditions:

• that he reside at his residential address;
• current passport remains lodged with the Insolvency Trustee Service of Australia or any other person as ASIC directs in writing;
• not attend any points of international departure;
  not leave Australia;
• report to a police station once a week (effective Monday 16 November); and
• not contact any prosecution witnesses directly or indirectly unless the prosecution agrees in writing.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

5 November, 2009