James Stephen Lewis has been sentenced by the court after an ASIC investigation led to him being charged with making false and misleading statements.
Mr Lewis was released on a $2000 18-month good behaviour bond.
An officer of Altitude Property Limited – one of the companies within the Dollarforce group – Mr Lewis was found guilty of one charge of making a false or misleading statement or omission in a prospectus lodged with ASIC regarding “incentive payments” made.
“Information that is material to investors should be disclosed,” said ASIC deputy chairman Peter Kell.
“Mr Lewis was found guilty of deliberately omitting that an incentive payment agreement had been entered into and that investor funds raised would be paid out to another company.”
‘An officer of Altitude Property Limited one of the companies within the Dollarforce group ‘
Mr Lewis may or may not have been the ‘accountant’. The word ‘officer’ tends to mean ‘director’.
Well that was a severe outcome wasn’t it.
Oh no… not an accountant – and a CPA at that too! God forbid… I just hope that there are no innocent casualties from this criminal behaviour. Take heed – the penalties are harsh, severe and real.
Fair opener I thought & I hope noticed by all in the industry!