Former Westpoint executive found guilty
Former Westpoint chief financial controller, Graeme Rundle, has been found guilty of lying to a bank to obtain more than $71 million for a Sydney property project, according to the Australian Securities and Investments Commission (ASIC).
The two charges of making a misleading statement to a financial institution for obtaining a financial advantage related to a finance facility for a construction project in York Street, Sydney.
Rundle, who was granted conditional bail, will be sentenced before Judge Bozic in the Disctrict Court of New South Wales on 12 August, 2011.
He was found guilty by a jury in the District Court of NSW, while the two criminal charges were brought by ASIC.
The Westpoint Group of companies collapsed in 2006 after several years of operating a Ponzi scheme, with some client compensation settlements still being processed.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
