Former Drury Management director back in court
A Queensland financial adviser who allegedly defrauded as many as 118 private investors in the Cairns area, pleaded guilty in the Cairns District Court to 14 charges yesterday.
Piet Cornelius Walters, the former director of Cairns-based accounting firm Drury Management, is charged with offences involving more than $972,000.
The Australian SecuritiesandInvestments Commission alleged that Walters guaranteed investors, who entered into unsecured loans by way of promissory notes and deeds, returns of up to 15 per cent per annum, then used the funds for his own purpose.
Walters was originally convicted on the charges in September 2006 and appealed the District Court decision. The conviction was then overturned in March this year and a retrial ordered.
The court remanded Walters in custody after the matter was adjourned until November 2, 2007.
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