A QUEENSLAND financial services advisor who promoted Westpoint products has been convicted and sentenced to six months imprisonment by the Southport District Court.
Barry William Silver pleaded guilty to a charge laid by the corporate regulator and will be released after entering a $1,000 good behaviour bond for three years.
Silver pleaded guilty on in the Southport District Court to a charge of aiding and abetting his company Lancer Group Pty Ltd in carrying on a financial services business without holding an Australian financial services licence. As a result of his conviction, Silver is also automatically disqualified from managing corporations for five years.The Australian Securities and Investments Commission alleged that between March 2003 and November 2005, Lancer Group, of which Silver was sole director, carried on a financial services business and dealt in Westpoint promissory notes while not holding an AFS licence as required under the Corporations Act.A total of fifty investors, invested more than $3.5 million through the Lancer Group. The investments were made in promissory notes issued by various Westpoint Mezzanine companies including York Street Mezzanine Pty Ltd, Ann Street Mezzanine Pty Ltd, Emu Brewery Mezzanine Pty Ltd, Mount Street Mezzanine Pty Ltd and Bayshore Mezzanine Pty Ltd. Australian Property Journal
