Former Opes Prime director found not guilty
Former Opes Prime Stockbroking director Julian Smith has been found not guilty of dishonestly breaching his duties as director in the Victorian Supreme Court.
The not guilty verdict ends a five week trial where Smith, of Wentworth Falls in New South Wales, was facing two charges of dishonestly breaching his duties as director of companies in the Opes Prime Group Limited group. Smith had pleaded not guilty to the charges.
Two other directors, Laurie Emini and Anthony Blumberg, were jailed in 2011 for their role in the
Opes Prime, a securities lender and broker, collapsed in March 2008 owing creditors $631 million. The Australian Securities and Investments Commission, which investigated the group, also facilitated a compensation arrangement for OPSL 650 clients, which resulted in $253 million being paid to creditors.
ASIC also required ANZ, a major financier of Opes, to provide an enforceable undertaking which required it to complete a program to remedy deficiencies in operational procedures across its custodial business, including its securities lending operations.
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