According to a statement from the corporate regulator, James Stephen Lewis, an officer of Altitude Property Limited – one of the companies within the Dollarforce group – 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.
Mr Lewis was found not guilty of four charges of falsifying accounts.
Meanwhile, former Dollarforce director Clestus Weerappah was sentenced to four years’ jail with a non-parole period of two years after he was found guilty of creating a false deed of sale.
“The actions of Mr Weerappah and Mr Lewis were reprehensible and represented a gross breach of investors’ trust,” said ASIC commissioner Greg Tanzer.
“When ASIC sought information to be included in a prospectus, Mr Weerappah falsified information about the financial standing of an entity to be acquired with investor funds and Mr Lewis with Mr Weerapah failed to inform ASIC and investors in Altitude Property Ltd of an agreement they had entered into which also led to funds being paid to an entity of Mr Werrappah’s.
“The law is very clear, directors must act honestly and in the best interests of the company.”
Mary
I suspect that you may have missed the point here. The convictions do not relate to a lack of expertise but to criminal conduct. It is also about the administration of a product and creation of an IM/PDS which is core accountants’ work.
it is very sad when accountants try to take other professional areas into their own hands. Why don’t they leave it to the experts. Do they think that they are above the law and can do everything.
this is such a common thing with accountants today. How about us all working together, to achieve a better outcome for the customer.