Westpoint charges dropped
Charges against two Queensland men relating to the collapse of Westpoint have been discontinued.
The Australian Securities and Investments Commission had alleged that Robert Peers Button of Currumbin Waters and Stephen Ashley Sneddon of Underwood provided a financial service on behalf of Lancer Group Pty Ltd without the required Australian Financial Services licence.
The charges related to recommendations to invest in promissory notes issued by various Westpoint Mezzanine companies including Ann Street Mezzanine, Bayshore Mezzanine, Emu Brewery Mezzanine and Mount Street Mezzanine.
Following a review, the Commonwealth Director of Public Prosecutions decided to drop the charges on the grounds of public interest.
Button and Sneddon were originally charged along with Mark Pirimona Shepherd of Benowa Waters and Barry William Silver of Arundel. In March this year, charges against Shepherd were dropped, while Silver was convicted of aiding and abetting Lancer Group in carrying on a financial services business without the required licence.
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