A Sydney-based finance broker has felt the wrath of the corporate watchdog for a second time after being convicted in the Central Local Court of managing a company while bankrupt.
Charles Edward Platcher, who was last year banned by the Australian Securities and Investment Commission (ASIC) from managing a company for 25 years in an action in the Federal Court, was last week charged by ASIC for running the now defunct mortgage broking outfit Growthcorp in 1999 and 2000 while disqualified.
At the time, Platcher was banned from managing corporations as he was bankrupt.
“To continue to engage in acts of management whilst prohibited by law is illegal. ASIC will take prompt actions to ensure that people who disregard their disqualified status and the orders of the courts, are brought to justice,” said ASIC deputy executive director of enforcement, Allen Turton.
ASIC says that a number of persons who invested in Growthcorp while it was under Platcher’s management suffered ‘serious financial detriment’ with three investors losing a total of $660,000 dollars.
Platcher was declared bankrupt a total of four times in the 1990’s. On May 23 2001, Growthcorp was placed into liquidation.
He will be sentenced on March 16, 2005.
The conviction of Platcher came on the same day that the directors of property financing company, International Finance Corporation, appeared in the Adelaide Magistrates Court after being charged by the corporate regulator for offering and issuing securities to investors without having lodged a disclosure statement with ASIC.
Robin Brian Poumako and Ann-Marie Donaldson of South Australia were required to enter into a bail agreement and are due to reappear in Court in the coming months to answer charges.
“ASIC will continue to take action against irresponsible and reckless people who put the financial welfare of others at risk,” Turton said.
