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Accountant busted for unlicensed services

A Melbourne-based accountant has pleaded guilty to 27 criminal charges, including running a financial services business without an active AFSL.

In a statement issued yesterday, ASIC announced that accountant Mark Ronald Letten, former principal of Lettens Pty Ltd, has pleaded guilty to charges that include operating 21 unregistered managed investment schemes, following an ASIC investigation.

“Between 1998 and 2010 more than 1,000 investors placed more than $100 million in investment property schemes in Australia and New Zealand,” the statement said. “Mr Letten managed and promoted the projects through a number of companies including LGH Holdings Ltd.”

The accountant is facing a maximum sentence of five years' imprisonment for each charge relating to unregistered managed investment schemes, and two years' imprisonment for running an unlicensed financial services business.

Mr Letten will reappear in the Victorian County Court in May.