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.
AUTHOR
Staff Writer
Recommended for you
A former AMP adviser told the Federal Court how they are scared to turn off their phone after a fellow adviser attempted suicide as Justice McElwaine said the 92 objections “weighed heavily” on his mind.
Providence Wealth Advisory Group has appointed a new chief investment officer, a dedicated position after the role was previously held by its CEO.
While hiring new staff in a financial advice practice inevitably incurs expenses, Striver’s Alisdair Barr says the greater business cost can come from losing the skills of a valuable team member.
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
