Broker sentenced to 200 hours community service
A Sydney finance broker has been convicted and sentenced to perform 200 hours community service for managing five companies while he was an undisclosed bankrupt, leaving a liquidation bill of more than $20 million.
Adrian Camilleri pleaded guilty in Sydney’s Downing Centre Local Court last Friday to five charges of managing a corporation while disqualified.
The charges related to his management of mortgage broking business Express Loans and Finance and four real estate businesses — Abe Enterprise Service, JAP Camilleri, Rosecam and Vaucam — between February 2003 and February 2004.
An Australian Securities and Investments Commission (ASIC) investigation revealed that, in 2003, the five companies bought 16 properties in Sydney’s eastern suburbs and all were either placed in liquidation or had a controller appointed by October of the following year.
According to liquidators, 31 creditors are owed more than $20 million and dividends are unlikely to be available.
AUTHOR
George Liondis
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
