ASIC collars Dutch fugitive
TheAustralian Securities and Investments Commission (ASIC)is pursuing court action against an individual it deems a serial securities offender, after alleging the man in question has once again engaged in dishonest conduct in the provision of financial service.
ASIC alleges that Piet Cornelius Walters engaged in dishonest conduct in the advice he gave to an investor regarding the establishment of a self-managed superannuation fund and the subsequent investment of the fund's assets with Queensland fund manager Drury Management, of which he is a director.
This criminal charge and arrest follows earlier civil action taken by ASIC in September 2002, when the regulator appointed an interim receiver to an allegedly unregistered managed investment scheme operated by Drury Management.
Orders were obtained at the time against Walters and Drury Management’s other directors, as well as Ransom House, a company associated with Walters.
Walters is a Dutch citizen, also known Fred Siebolt Hofman, who arrived in Australia in June 1991.
Under his Dutch name , Hofman is also wanted on a Canada-wide arrest warrant relating to 53 counts of fraud and theft allegedly committed between 1985 and 1991, involving approximately CAD$9.7 million.
In regard to Drury Management, ASIC has filed an application that permanent injunctions be issued to prevent the manager and others operating and soliciting further funds in connection with the questionable scheme.
ASIC is also seeking orders for the appointment of a liquidator to the scheme and Drury Management.
Walters remains in custody following ASIC’s charges and his arrest, with his case to be heard in May.
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
