THE Australian Securities and Investments Commission has brought three charges against a former Westpoint adviser.
Keith Jason Rowntree, of
ASIC alleges that Rowntree provided financial product advice without an Australian financial services licence as required under the Corporations Act.
It is alleged that at various times between 2003 and 2005, Rowntree carried on a financial services business, Solutions One Finance Group in
These matters came to ASIC’s attention through its broader investigation into the collapse of the Westpoint Group of Companies and complaints received from the public.
Rowntree was a director of Solutions One Finance Group (Aust) Pty Ltd (latterly Lemrow Financial Services Group Pty Ltd), Solutions One Finance Group (NSW) Pty Ltd and Solutions Once Finance Group (Vic) Pty Ltd. These companies have now been deregistered.
The matter is scheduled to return to Court on June 24 2008.
Earlier this month, Neil Burnard, a former Westpoint fundraiser, was found guilty by a jury in the District Court of NSW on nine criminal charges.
He was found guilty under the Crimes Act of NSW of obtaining a financial advantage for various Westpoint Mezzanine companies by making or publishing a statement which he knew to be false in a material particular.
Burnard is due to be sentenced in the District Court on June 20 2008.
Australian Property Journal
