Sage receives two-year sentence
John Sage, a former financial adviser who was also in charge of a now collapsed Victorian property development, has been sentenced to two years imprisonment.
As previously reported on MoneyManagement.com.au, Sage was found guilty by the Melbourne County Court in July on 10 charges relating to the use of false and misleading statements to convince investors to contribute funds to the Pacific Tower development in Hawthorn.
The charges came about following an Australian Securities and Investments Commission investigation concerning Sage’s activities while he was the sole director of Merchant Pacific Developments, the company responsible for the management and promotion of the development, between August 1999 and June 2002.
During this time, he was also a financial adviser with Merchant Pacific Investment Services.
Sage will serve a minimum of nine months of his sentence.
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