Former basketball champion Shane Heal has been committed to stand trial on fraud charges, with prosecutors alleging he fraudulently used $750,000 lent to him by one-time friend and former Australian Boomers coach Brett Brown.

Heal, who was released on bail, will face three counts of fraud when the trial is eventually held in the Brisbane District Court.

"Obviously I'm disappointed, but we always thought this was part of the process that was always going to trial," Heal said on Thursday afternoon.

"I look forward to being able to get on the stand and really let the truth come out and tell my side of the story."

Heal playing with the Sydney Kings in 2002. ( Supplied: Sydney Entertainment Centre )

The four-time Olympian spent Thursday in the Brisbane Magistrates Court, accused of dishonestly gaining the money from Mr Brown, who invested in his businesses.

The court heard Brown, who now coaches the Philadelphia 76ers in the NBA, had loaned $1 million to Heal over a period of years from 2008.

Of that investment, $750,000 was to be spent on three business ventures undertaken by the Heal group of companies.

Prosecution barrister Elizabeth Holliday told the court that, in return, Brown expected to be paid interest and that had largely failed to happen.

She said the Crown would argue Heal had misrepresented what the money would be spent on.

Heal is alleged to have defrauded NBA coach Brett Brown of $750,000. ( AAP: Darren England )

She contended some of the money had been used "in the short term" to clear a margin account and buy new shares.

The court heard it had been agreed the funds would go towards setting up a new coffee shop, a number of new Urban Burger franchises and a shop-fitting company.

Defence barrister Peter Davis QC said those investments had been carried out.

Mr Davis said the Crown's case was "fundamentally flawed" because the actions taken by Heal were standard business practice and did not constitute fraud.

He added that some of Heal's businesses had gone into sharp decline after events beyond his control: the sauce used in Noodle Box recipes had been changed and proved not to be successful, and a major client had collapsed leading to fewer shop-fitting contracts.

The Heal group of companies later failed.

Heal was the assistant Boomers coach under Brown from 2009 to 2011.