Opes Prime director on further charges
Former Opes Prime director Laurie Emini is facing further charges brought by the Australian Securities and Investments Commission (ASIC) relating to the collapse of the stockbroking and securities company.
Emini has been charged with 22 new offences of breaching his duties as a director of Opes Prime and Leveraged Capital, where he was also a director.
ASIC has alleged that between July 2006 and February 2008 Emini falsely recorded more than $50 million worth of securities in company records as being held by multiple clients at one time. This led to a false reflection of the financial positions of the two companies, according to ASIC.
Emini was intentionally dishonest in his actions and failed to exercise and discharge his duties in good faith in the best interests of the companies, ASIC alleged.
The new charges come in addition to four charges brought by ASIC in January against Emini and Opes Prime co-directors Julian Smith and Anthony Blumberg of breaching their directorial duties.
The three appeared in Melbourne Magistrates Court today and were ordered to attend committal proceedings on 28 February, 2011, while bail was extended for Smith and Blumberg. Each charge carries a maximum penalty of five years imprisonment.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
