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12 months’ jail for accountant in Dollarforce collapse

A CPA involved in the collapse of Dollarforce Financial Services has been sentenced to 12 months’ imprisonment by the County Court of Victoria.

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.”