Westpoint promoter to face criminal charges
A Sydney businessman who allegedly made false and misleading statements to attract investments in failed property scheme Westpoint is to stand trial next month.
Neil Burnard, whom the Australian Securities and Investments Commission (ASIC) alleges claimed he was a banker in order to attract investments in the scheme that collapsed in late 2005 owing 4,000 investors around $300 million, will face 11 criminal charges in the New South Wales District Court on October 12.
ASIC alleges Burnard misled investors, many of whom were retirees, into believing he was the director of the non-existent Kebbel Investment Bank. His company was, in fact, Westpoint’s main sales channel.
Burnard raised $140 million for Westpoint’s mezzanine finance schemes and a further $18.1 million in commissions.
He is the first Westpoint-linked executive to face criminal charges and has reserved his plea.
Next month’s criminal trial follows a four day hearing in Sydney’s Downing Centre Local Court.
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.
