Former IFC director resentenced over debenture scheme
Former International Finance Corporation (IFC) director, Ann-Marie Donaldson, has been resentenced in the Supreme Court of South Australia following a partly successful appeal against her conviction on charges brought by the Australian Securities and Investments Commission (ASIC).
According to ASIC, on April 30, 2008, Donaldson of Greenwich and fellow former director, Robin Brian Poumako of Lewiston, South Australia, were found guilty by a jury of having aided IFC to make offers of and issue debentures to investors in breach of the Corporations Act.
They were subsequently sentenced on October 1, 2008, in the South Australian District Court of 44 charges relating to the raising of these funds.
The offences related to 22 debentures offered and issued to investors who loaned approximately $1.23 million to IFC between July 14 and December 29, 2003, ASIC said.
According to ASIC, an appeal by Poumako against his conviction and sentence was dismissed. Poumako was sentenced to two years and six months imprisonment. After serving 12 months imprisonment, Poumako will be released on a $1,500 recognisance to be of good behaviour for 18 months.
Donaldson was originally sentenced to 18 months imprisonment but was released on entering into a $1,500 recognisance to be of good behaviour for 18 months, ASIC said.
Recommended for you
Private markets may be the hot topic of the day but two financial advisers have shared the red flags to consider and why advisers shouldn’t be tempted to invest solely in the pursuit of higher returns.
The corporate regulator has officially launched its new digital portal for financial services businesses submitting AFSL applications, offering a more “efficient, modern and user-friendly” experience.
The advice community has reacted to the re-election of the Labor Party for a second term and called on the incoming Minister for Financial Services to take “decisive action” as Stephen Jones retires from politics.
Advice licensee Finchley & Kent has announced a strategic partnership with technology firm Padua Solutions as licensees are encouraged to broaden their tech usage.
