Man convicted on Westpoint charges
Another Queensland man has been convicted and sentenced to six months jail on charges relating to the collapse of Westpoint.
The Australian Securities and Investments Commission (ASIC) announced that the man, Barry William Silver of Arundel, had been convicted and sentenced after pleading guilty in the Southport District Court to a charge of aiding and abetting his company, Lancer Group Pty Ltd, in carrying on a financial services business without holding an Australian Financial Services Licence (AFSL).
The regulator said while being convicted and sentenced to six months imprisonment, Silver was ordered released after entering into a $1,000 three-year good behaviour bond.
It was alleged that between March 13, 2003, and November 30, 2005, Lancer Group carried on a financial services business and dealt in Westpoint promissory notes without holding an AFSL.
It said that a total of 50 investors invested more than $3.5 million through the Lancer Group into promissory notes issued by various Westpoint Mezzanine companies.
As a result of his conviction, Silver is automatically disqualified from managing corporations for five years.
AUTHOR
Mike Taylor
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.
