$50,000 Westpoint fine too lenient, says ASIC
ASIC is considering appealing after former Westpoint promoter Neil Burnard escaped a prison sentence on Friday.
Mr Burnard was fined $50,000 and sentenced to a fully suspended 12-month prison term by the NSW District Court.
In a statement ASIC says it will request the Commonwealth Director of Public Prosecutions to consider launching an appeal.
Mr Burnard was found guilty in May of nine criminal charges arising from an ASIC investigation into the activities of NSW firm Kebbel, now known as Palentia.
It was alleged he obtained a financial advantage for five Westpoint mezzanine companies in 2003 and 2004 by making statements he was a director of an investment bank when the entity did not exist.
The nine charges of which Mr Burnard was convicted relate to six investors who invested $1.18 million, most of which was lost in the 2006 Westpoint collapse.
Mr Burnard was fined $50,000 and sentenced to a fully suspended 12-month prison term by the NSW District Court.
In a statement ASIC says it will request the Commonwealth Director of Public Prosecutions to consider launching an appeal.
Mr Burnard was found guilty in May of nine criminal charges arising from an ASIC investigation into the activities of NSW firm Kebbel, now known as Palentia.
It was alleged he obtained a financial advantage for five Westpoint mezzanine companies in 2003 and 2004 by making statements he was a director of an investment bank when the entity did not exist.
The nine charges of which Mr Burnard was convicted relate to six investors who invested $1.18 million, most of which was lost in the 2006 Westpoint collapse.