Chartwell director guilty on 47 charges
A former director of Geelong-based investment company Chartwell Enterprises, Graeme Hoy, has pleaded guilty to 47 deception-related charges involving $21 million.
The Australian Securities and Investments Commission (ASIC) said Hoy had been bailed to appear in the Supreme Court in late January after pleading guilty to the charges, which followed an investigation into the activities of Chartwell after the company collapsed in April 2008 owing investors more than $60 million.
Among the charges faced by Hoy were that he had dishonestly obtained more than $13.3 million from investors on the basis of false representations and that he had obtained in excess of $5.8 million from the Commonwealth Bank of Australia as a director of Black Swan holdings based on false financial statements.
Hoy was also charged with carrying on a financial services business without a licence, with ASIC alleging that he had aided or abetted Chartwell in carrying on a financial services business without holding an Australian financial services licence.
The action against Hoy followed the sentencing of the former Chartwell company secretary, Ian Rau, to more than two years prison after pleading guilty to eight charges arising from the ASIC investigation.
AUTHOR
Mike Taylor
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
