Former Chartwell secretary pleads guilty to more charges
The former secretary of failed investment firm Chartwell Enterprises, Ian Rau, has pleaded guilty in the Victorian Supreme Court to eight further charges brought by the Australian Securities and Investments Commission (ASIC).
Rau pleaded guilty to single counts of carrying on a financial services business without a license, making a false document, using a false document, obtaining a property by deception and four counts of engaging in dishonest conduct in relation to carrying on a financial services business.
Earlier this month Rau pleaded guilty to two counts of using a false document and one count of dishonest conduct, after a three-day committal hearing in the Geelong Magistrates’ Court.
The charges follow an ASIC investigation into Chartwell, which collapsed in April 2008 — owing investors in excess of $60 million.
Rau has been bailed to appear at the Victorian Supreme Court on 23 June for a plea hearing.
Rau’s co-accused, former Chartwell director Graeme Hoy, has indicated he will plead not guilty to more than 200 charges brought against him. A trial date was set for 31 January, 2011 to hear the charges. In the interim Hoy has been bailed until a mention hearing in the Supreme Court at Melbourne on 23 April.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
