Newcastle investment company CEO charged
The former chief executive of Newcastle investment company Whet Investments has been charged with fraud and misusing his position.
The charges against Hugh Gordon, who was also a director at Whet, followed an Australian Securities and Investments Commission (ASIC) investigation into the unlisted public company’s fundraising and management practices.
The company allegedly issued redeemable preference shares to the value of $10.8 million primarily to retail investors in order to acquire and operate business investments.
It was placed into voluntary administration by its directors in July of 2005 and a Deed of Company Arrangement was executed later that year.
Gordon faces seven charges including the alleged improper use of $500,000, the fraudulent concealment or removal of property to the value of $285,000 and engaging in the management of a company while disqualified.
He was declared bankrupt in January this year.
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.
