Financial Partners director to stand trial
A former company director of Financial Partners Pty Ltd has been committed to stand trial on 14 charges of dishonest conduct involving investor funds, according to the Australian Securities and Investments Commission (ASIC).
Simon Finnigan was committed to stand trial following a three-day committal hearing in Sydney's Downing Centre Local Court last week.
The charges relate to the dishonest supply of a financial product or a financial service involving investor funds worth more than $2.2 million, ASIC said.
Each charge carries a maximum penalty of 5 years imprisonment, a $220,000 fine, or both.
ASIC alleges Finnigan invested clients' money in shares, options, managed funds and property, and promised returns of between 8 and 15 per cent.
According to ASIC, Finnigan then deposited the money into a number of bank accounts and used the funds to run Financial Partners, and for his own personal use.
Finnigan also used the funds to operate Venture Capital Management Pty Ltd and Biotech Solutions Pty Ltd, two other fraudulent companies.
Finnigan is on bail and required to report to police weekly.
The Commonwealth Director of Public Prosecutions will act as prosecutor in the matter, which returns to the Downing Centre District Court on 2 September 2011.
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