A Victorian man has been arrested and charged in connection with the collapse of the Dollarforce group, which raised more than $24 million dollars from investors through margin lending.
Following an investigation by the Australian Securities and Investments Commission (ASIC), company director and founder of Dollarforce Financial Services, Clestus Weerappah, has been charged with 57 offences relating to the loss of more than $4 million.
He was charged with allegedly making false representations to investors, making false statements in a prospectus issued by one of the group’s companies, Altitude Property Limited, as well as using his position as a director to gain financial advantage.
Weerappah was released on conditional bail and will appear at the Victorian Magistrate’s Court on 26 August.
