AN unlicensed financial adviser who promoted Westpoint products was convicted in the New South Wales District Court last week.
Keith Jason Rowntree, of Kellyville was sentenced to complete 80 hours of community service. As a consequence of his conviction, Rowntree is also automatically disqualified from managing corporations for five years.
Rowntree had previously pleaded guilty on December 02 to the charge of providing financial advice without holding an Australian financial services licence as required under the Corporations Act.
The Australian Securities and Investments Commission alleged that between July and December 2003, Rowntree carried on a financial services business, Solutions One Finance Group in North Sydney. Rowntree provided financial advice including to clients who then invested in Westpoint products.
He was a director of Solutions One Finance Group (Aust) Pty Ltd (recently 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.
Meanwhile ASIC has charged another adviser.
Russell Barry Collins-McBride, a former franchisee of Power Loan, has appeared in the Adelaide Magistrates Court on charges of aiding, abetting, counselling and procuring Power Financial Planning Pty Ltd to deal in financial products totalling in excess of $8 million, including Westpoint promissory notes, without an Australian financial services licence in contravention of the Corporations Act 2001.
It is alleged that Power Financial Planning Pty Ltd entered into agreements with Kebbel Securities Limited and Kebbel Victoria Pty Limited relating to the marketing of financial products including Westpoint promissory notes and interests in Prime Retirement and Aged Care Property Trust, which is a listed property company, and Kebbel Development Capital Fund No. 2 – Mount Gilead Trust and Kebbel Development Capital Fund No. 3 – The Riverside Pier Trust.
Australian Property Journal
