Directors of mezzanine finance company face court
The former directors of a mezzanine financing company are due to stand trial in Adelaide on 70 charges, following an investigation by the Australian Securities and Investments Commission (ASIC).
ASIC has alleged that the International Finance Corporation (IFC), now in liquidation, failed to provide investors, who had lent over $1.88 million, with registered disclosure documents.
This failure prevented investors from making a fully informed decision about the investment, according to ASIC.
The charges have been made against Robin Poumako and Ann Donaldson, who ASIC claim aided IFC in the making of offers and issuing of securities relating to real estate development funds, including Fernilee Lodge in Burnside Adelaide.
Poumako and Donaldson have pleaded not guilty over their involvement in the mezzanine financing scheme, and both individuals have been remanded on bail until their next appearance in the Adelaide District Court on June 26.
ASIC obtained an interim order in the Federal Court in February, 2004, to prevent IFC from continuing to raise funds from investors. In July, the organisation was wound up by Federal Court following an application from ASIC.
AUTHOR
Recommended for you
The popularity of ETFs, which are approaching $200 billion in Australia, is a potential threat to the advice landscape if consumers opt to invest directly, according to this senior partner.
A former AMP financial adviser has urged advisers in the BOLR class action against AMP to object to the “unfair and unreasonable” $100 million settlement sum as the objection deadline approaches on 22 May.
Two Victoria-based financial advice practices have merged and rebranded as Forbes Fava Saville Financial Planning, as the firm realises the benefits of added scale.
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect Statement of Advice.
