Suspended sentence for former Westpoint CFO
The former chief financial officer of Westpoint, Graeme Rundle, has been sentenced to two concurrent 18-month prison terms. The sentence will be suspended as he enters into an 18-month good behaviour bond.
The sentencing, handed down at the Parramatta District Court on Friday, comes after Rundle was found guilty of two criminal offences of making a false or misleading statement with intention to obtain a financial advantage for Scots Church Development Limited on 24 June 2\011.
The charges were brought by the Australian Securities and Investments Commission (ASIC) and prosecuted by the Commonwealth Director of Public Prosecutions.
The offences relate to statements Rundle made to a financial institution to obtain a $71 million construction finance facility to complete a project at York Street, Sydney.
ASIC chairman Greg Medcraft said chief financial officers had to ensure any representations they made to financiers on behalf of companies were accurate.
Medcraft added that the case demonstrated ASIC was willing to address corporate misconduct.
"To date, ASIC has pursued a wide range of actions and remedies concerning Westpoint against gatekeepers such as financial advisers, auditors, trustees and directors," Medcraft said.
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