More Westpoint fall-out - four charged

14 April 2009
| By Mike Taylor |
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The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against four former Queensland directors, which it alleges dealt in financial products, including Westpoint promissory notes, without holding an Australian financial services license (AFSL).

The regulator has alleged that between 13 October, 2003 and 28 November, 2005, the Lancer Group carried on a business without holding the required licence and the charges brought by ASIC relate to investments totalling $816,000 made by nine investors in promissory notes issued by various Westpoint Mezzanine companies.

The former directors charged in relation to the ASIC allegations are Barry William Silver, Robert Peers Button, Mark Pirimona Shepherd and Stephen Ashley Sneddon.

Silver, who was the Lancer Group’s sole director at the time of the alleged offences, faces charges of aiding, abetting, counselling and procuring the company to carry on a financial services business, including dealing in Westpoint promissory notes.

Button, Shepherd and Sneddon are charged with aiding, abetting, counselling and procuring their respective companies to provide a financial service, on behalf of the Lancer Group.

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