Legions club received judgement against furniture dealing ‘advisor’
A NSW legion club has been granted a judgement against its former chief executive and a furniture dealer who claimed to be a "registered financial adviser", for $800,000.
Riverwood Legion and Community Club has been granted a judgement against its former chief executive who misappropriated funds to invest with a furniture-dealing "financial adviser".
The Supreme Court of NSW heard that Simon de Munck, misappropriated $800,000 of club funds, he used to invest in high interest overseas pools, on the advice of Divna Repaja, who represented herself as a "registered financial planner" and furniture dealer.
De Munck obtained the funds under the guise of purchasing 21 chairs from Repaja for $8000, later claiming that he had inadvertently transferred $800,000 to Repaja, through a handwritten error.
The court then heard that Repaja used part of the funds misappropriated by de Munck, to repay $481,189.75 to another client, Tina Fistar — an acquaintance of de Munck — and to purchase a Porsche Cayenne. The Court ruled that the club is entitled to judgment against each of de Munck, Repaja and her business, Repaja & Co for $800,000 together with interest.
It also found that the club is also entitled to judgment against Ms Fistar for $481,189.75 together with interest.
AUTHOR
Nicholas O'Donoghue
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