17. August 2011 08:29
Former company director, Simon Finnigan, has been committed to stand trial on 14 criminal charges of dishonest conduct involving investor funds worth more than $2.2 million.
Mr Finnigan, 49, a former director of Financial Partners Pty Ltd, was committed for trial following a three day committal hearing in Sydney’s Downing Centre Local Court last week.
The charges relate to dishonest conduct in relation to the supply of a financial product or a financial service. Each charge carries a maximum penalty of five years imprisonment, a $220,000 fine or both.
ASIC alleges that Mr Finnigan raised funds through Financial Partners Pty Ltd, Venture Capital Management Pty Ltd and Biotech Solutions Pty Ltd by telling investors he would invest their money in shares, options, managed funds and property for returns of between 8 and 15 per cent.
According to ASIC, Mr Finnigan then deposited the money into bank accounts he controlled and used the funds for the three companies and his own personal use.
The charges follow an investigation, supporting ASIC’s priority of ensuring investors are confident and informed.
Mr Finnigan’s bail conditions are to continue with an additional requirement that he report to police weekly.
The matter returns to the District Court in Sydney on 2 September 2011.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.