Mr Heal, a famed Australian Boomers point guard known for his bleached blond hair, appeared in the Brisbane Magistrates Court on Friday.

Mr Heal, a former bankrupt, was released on bail after not entering a plea. The matter will be back before court on December 16.

The charges were laid after an investigation by the Australian Securities and Investments Commission.

ASIC alleges Mr Heal dishonestly gained a benefit of $750,000 in three $250,000 tranches from investors in three of his companies – Shyfox, Cre8ive Constructions Queensland and 23 Investments – between 2008 and 2010.

Mr Brown is believed to have been allegedly defrauded of more than $250,000. Mr Cadee is also believed to have been defrauded for a large sum of money.

Another former Boomers player Matt Neilsen has also been an investor in Mr Heal's businesses, though it is believed the current crop of charges do not pertain to any alleged fraud against Mr Neilsen.

In a statement Mr Heal said the allegations were from almost eight years ago.

"I am not guilty and will set about proving this," Mr Heal said. 
 
"I understand that this case will have public interest but I ask for some privacy and an understanding that, on my lawyers' advice, I can't talk about specific details. My side of the story will eventually come out," Mr Heal said.

Known as "The Hammer", Mr Heal represented the Australian Boomers at the 1992, 1996, 2000 and 2004 Summer Olympic Games. He was captain of the Boomers in 2004.

At the public examinations in 2014 relating to Mr Heal's bankruptcy, it emerged that Mr Brown had provided a $250,000 loan in mid-2009 for a Rockhampton commercial property to Mr Heal.

Mr Heal was declared bankrupt in 2011 with $10 in his account and reportedly more than $8 million owed to creditors.

At the height of his business career, Mr Heal's interest including more than 30 fast food franchises and a commercial property business he claimed employed more than 350 people.

His bankruptcy was discharged in 2015

Mr Brown and Mr Heal previously worked together at the Sydney Kings when Mr Heal was a player and Mr Brown an assistant coach.

The pair worked together again in 2003-2004 when Mr Heal was playing for the Spurs and Mr Brown was director of player development.

Mr Heal's career included two stints playing National Basketball Association teams in the US, first for the Minnesota Timberwolves in the 1996-1997 season and the San Antonio Spurs in the 2003-2004 season.

Since his retirement, Mr Heal has tried to make a fist of coaching basketball, including stints at Sydney Kings and the Wellington Saints.

He was also the coach and director of Women's National Basketball League team South East Queensland Stars until February this year when he was sacked as part of a last-gasp financial rescue package for the struggling team.

Despite the deal, the Stars did not survive the  financial problems. There is no suggestion the financial problems of the Stars is in any way linked to Mr Heal's alleged fraud.

In August the organised crime investigation unit of the Queensland Police ended its investigation into bets Mr Heal had allegedly made on the Stars while he was coach after deciding to lay no charges.

Mr Heal at the time said the dropped investigation had proved his innocence.

The three companies relating to the alleged fraud have all been deregistered.

A receiver was appointed to Shyfox in early 2012 and the company in April 2013.

Cre8ive Constructions was deregistered in February 2014, while a liquidator was appointed to 23 Investments in March 2012 and the company deregistered in October that year.

An Andrea Brown, who's believed to be Mr Heal's mother, is a former shareholder of Shyfox as is Jennifer Heal.