Opes Prime director on further charges
Former Opes Prime director Laurie Emini is facing further charges brought by the Australian Securities and Investments Commission (ASIC) relating to the collapse of the stockbroking and securities company.
Emini has been charged with 22 new offences of breaching his duties as a director of Opes Prime and Leveraged Capital, where he was also a director.
ASIC has alleged that between July 2006 and February 2008 Emini falsely recorded more than $50 million worth of securities in company records as being held by multiple clients at one time. This led to a false reflection of the financial positions of the two companies, according to ASIC.
Emini was intentionally dishonest in his actions and failed to exercise and discharge his duties in good faith in the best interests of the companies, ASIC alleged.
The new charges come in addition to four charges brought by ASIC in January against Emini and Opes Prime co-directors Julian Smith and Anthony Blumberg of breaching their directorial duties.
The three appeared in Melbourne Magistrates Court today and were ordered to attend committal proceedings on 28 February, 2011, while bail was extended for Smith and Blumberg. Each charge carries a maximum penalty of five years imprisonment.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
