Former Power Loan franchisee faces ASIC charges
A former Power Loan franchisee has appeared in the Adelaide Magistrates Court on charges brought by the Australian Securities and Investments Commission (ASIC).
Russell Barry Collins-McBride of Seaview Downs, of Adelaide, is charged with aiding, abetting, counselling and procuring Power Financial Planning Pty Ltd to deal in financial products totalling in excess of $8 million, including Westpoint promissory notes, without an Australian Financial Services Licence.
The charge arose as a result of ASIC’s investigation into the conduct of companies associated with National Trading and Finance Group Pty Ltd, the proprietor of the business name Power Loan, which came to the attention of ASIC through its broader investigation into the collapse of the Westpoint Group of companies.
ASIC alleged that Power Financial Planning Pty Ltd entered into agreements with Kebbel Securities Limited and Kebbel Victoria Pty Limited related to the marketing of financial products, including Westpoint promissory notes, and interests in Prime Retirement and Aged Care Property Trust, Kebbel Development Capital Fund No. 2 – Mount Gilead Trust and Kebbel Development Capital Fund No. 3 – The Riverside Pier Trust.
Collins-McBride’s next court appearance is scheduled for June 12, 2009.
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