Woman charged after lying to ASIC
A former director of Progressive Investment Securities has been convicted on nine charges of making false statements under oath to the Australian Securities and Investments Commission (ASIC).
Elizabeth Enares, of Pyrmont in New South Wales, was convicted in the Downing Centre Local Court on charges relating to an examination of Enares by ASIC officers during an investigation of individuals associated with Capital Investment Group (Australia) (CIG) and Progressive Investment Securities.
This investigation concerned the unlawful provision of financial services to a number of investors, who were enticed into investing in securities known as ORB 1, ORB 2 and OMIP 15 — 7 through the use of Macquarie Bank Margin Lending.
The investors were required to enter into agreements with Macquarie Bank for up to $300,000 in margin loans on each product. Many of these loans are now in default.
Enares was charged with making false statements during the examination, denying that her handwriting appeared on a number of documents including loan and product applications, which had been submitted to Macquarie Bank for approval.
Enares was sentenced to 400 hours community service.
“Lying to ASIC during a formal examination is no light matter and today’s outcome shows that such behaviour will be pursued, and is regarded seriously by the courts,” said ASIC executive director of enforcement Jan Redfern.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
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