Former Whet Investments director sentenced
The former head of Newcastle investment company Whet Investments, Hugh Charles Gordon, has received an 18-month prison sentence, with 11 months to be served immediately and the rest suspended subject to a two-year good behaviour bond.
Following an Australian Securities and Investment Commission (ASIC) investigation, Gordon was convicted of one charge of dishonest use of position as a director and improper use of approximately $91,000; and three charges of fraudulent concealment or removal of property to the value of approximately $285,000.
The sentence was stayed and bail continued until April 9 to assess whether Gordon was a suitable candidate for periodic or home detention.
In 2005 Whet Investments was placed into voluntary administration and a deed of company arrangement was executed. Gordon was declared an undischarged bankrupt in 2007.
AUTHOR
Mike Taylor
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
