Former director jailed for misuse of $1.75m

Former Equitable Financial Solutions director Usman Siddiqui has been sentenced to six years and six months' imprisonment for dishonestly using his position as a director and misappropriating company funds.

Siddiqui, the former sole director of Equitable Financial Solutions, was sentenced in the District Court of NSW on 6 August 2026 after pleading guilty to two counts of dishonestly using his position as a director.

He will serve a non-parole period of three years and three months.

Between May and October 2026, Siddiqui transferred approximately $1.75 million from Equitable Financial Solutions' accounts to his personal account before moving the funds into overseas accounts.

At the time, he was aware the company was in a dire financial position, with Australian Financial Complaints Authority determinations against the business exceeding $1 million and clients awaiting refunds totalling about $11.3 million.

One client had also commenced legal proceedings to recover a $3 million investment.

Equitable Financial Solutions was subsequently placed into liquidation on 26 November 2019 and was found to owe more than $20 million to creditors by February 2020, including its clients.

ASIC said liquidators considered the company likely became insolvent around July 2016.

ASIC chair Sarah Court said directors were required to act in the best interests of their companies and that Siddiqui had abused that responsibility.

"Mr Siddiqui abused that trust by dishonestly misappropriating company funds for his own benefit," Court said.

"This sentence reflects the seriousness of that conduct and serves as a warning that ASIC will take action against directors who abuse their responsibilities for personal gain."

Equitable Financial Solutions and other companies controlled by Siddiqui provided Sharia compliant investments and lending products to members of the Australian Muslim Community.

In sentencing, Judge Anderson noted the offending involved multiple occasions of intentional dishonest use of Siddiqui's position as director.

His Honor also highlighted the importance of general deterrence in sentencing white-collar offenders. The offences carry a maximum penalty of 15 years' imprisonment under section 184(2)(a) of the Corporations Act 2001.