Australian basketball champion and former Minnesota Timberwolves and San Antonio Spurs player Shane Heal has been charged with three counts of fraud relating to an alleged $750,000 scheme that counts Philadelphia 76ers coach Brett Brown and former Sydney Kings chief executive Grant Cadee as alleged victims.

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

Shane Heal has been charged with three counts of fraud.

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.