More Westpoint fall-out - four charged
The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against four former Queensland directors, which it alleges dealt in financial products, including Westpoint promissory notes, without holding an Australian financial services license (AFSL).
The regulator has alleged that between 13 October, 2003 and 28 November, 2005, the Lancer Group carried on a business without holding the required licence and the charges brought by ASIC relate to investments totalling $816,000 made by nine investors in promissory notes issued by various Westpoint Mezzanine companies.
The former directors charged in relation to the ASIC allegations are Barry William Silver, Robert Peers Button, Mark Pirimona Shepherd and Stephen Ashley Sneddon.
Silver, who was the Lancer Group’s sole director at the time of the alleged offences, faces charges of aiding, abetting, counselling and procuring the company to carry on a financial services business, including dealing in Westpoint promissory notes.
Button, Shepherd and Sneddon are charged with aiding, abetting, counselling and procuring their respective companies to provide a financial service, on behalf of the Lancer Group.
AUTHOR
Mike Taylor
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
