Court drops case against Westpoint directors
The case against Westpoint Group directors Norman Carey and Graeme Rundle has officially been dropped by the District Court of Western Australia.
In April 2011, the Australian Securities and Investments Commission (ASIC) brought two criminal charges upon both Carey and Graeme, alleging they breached their duties as officers of Westpoint.
“These breaches occurred when they executed deeds extending the time for Westpoint Corporation to exercise an option to purchase the Warnbro Fair Shopping Centre and adjoining land,” ASIC stated at the time.
“The breaches also involved transfer of the option to purchase [the centre] to Bowesco Pty Ltd - a Carey family trustee company.”
During the course of the trial, ASIC located a document relevant to the charges and disclosed them to Carey, Rundle and the court.
However, following an assessment of the document in the context of the prosecution’s case, the Commonwealth Director of Public Prosecutions advised earlier today the District Court of Western Australia that the case should proceed no further and filed Notices of Discontinuance.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
