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Another Queensland man has been convicted and sentenced to six months jail on charges relating to the collapse of Westpoint.
The Australian Securities and Investments Commission (ASIC) announced that the man, Barry William Silver of Arundel, had been convicted and sentenced after pleading guilty in the Southport District Court to a charge of aiding and abetting his company, Lancer Group Pty Ltd, in carrying on a financial services business without holding an Australian Financial Services Licence (AFSL).
The regulator said while being convicted and sentenced to six months imprisonment, Silver was ordered released after entering into a $1,000 three-year good behaviour bond.
It was alleged that between March 13, 2003, and November 30, 2005, Lancer Group carried on a financial services business and dealt in Westpoint promissory notes without holding an AFSL.
It said that a total of 50 investors invested more than $3.5 million through the Lancer Group into promissory notes issued by various Westpoint Mezzanine companies.
As a result of his conviction, Silver is automatically disqualified from managing corporations for five years.
