Opes Prime investigation leads to new charges
Investigations into the fall of Opes Prime led the Australian Securities and Investments Commission (ASIC) to unveil a series of alleged market manipulations and concealed interests from a Melbourne businessman.
Fifty-eight year old Paul Gerard Choiselat, a former managing director of Australian Securities Exchange (ASX) listed companies Q Ltd (2001-2013) and Jumbuck Entertainment Ltd (2004-2008), is up on 25 charges and due to face the director of public prosecutions next year.
Twenty of the charges involve Choiselat’s alleged failure to disclose his interests in Q Ltd and Jumbuck Entertainment to the boards of the respective companies and the ASX.
The remaining five charges relate to the alleged manipulation of Q Ltd shares on three separate occasions.
Between January and March 2008, Choiselat allegedly manipulated the shares to reduce their margin position next to shares lent to Opes Prime.
Meanwhile, in October 2008, he allegedly manipulated the shares to lift a proof of debt claim against Opes Prime liquidators.
The investigation began after the case was referred to ASIC by the ASX.
ASIC asked the ASX to monitor Opes Prime Stockbroking inflows and outflows following the company’s collapse in 2008.
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