Westpoint charges dropped
Charges against two Queensland men relating to the collapse of Westpoint have been discontinued.
The Australian Securities and Investments Commission had alleged that Robert Peers Button of Currumbin Waters and Stephen Ashley Sneddon of Underwood provided a financial service on behalf of Lancer Group Pty Ltd without the required Australian Financial Services licence.
The charges related to recommendations to invest in promissory notes issued by various Westpoint Mezzanine companies including Ann Street Mezzanine, Bayshore Mezzanine, Emu Brewery Mezzanine and Mount Street Mezzanine.
Following a review, the Commonwealth Director of Public Prosecutions decided to drop the charges on the grounds of public interest.
Button and Sneddon were originally charged along with Mark Pirimona Shepherd of Benowa Waters and Barry William Silver of Arundel. In March this year, charges against Shepherd were dropped, while Silver was convicted of aiding and abetting Lancer Group in carrying on a financial services business without the required licence.
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.
