ASIC appeals ‘lenient’ Westpoint sentence
The Commonwealth Director of Public Prosecutions has appealed against the sentence handed down to former Westpoint financial adviser Neil Burnard on August 22.
This follows a request by the Australian Securities and Investments Commission (ASIC) which deemed the sentence too lenient.
Sydney-based Mr Burnard was sentenced to a suspended 12-month jail sentence and was also fined $50,000.
That followed his conviction on nine criminal charges in May. It was alleged Mr Burnard obtained financial advantage for five Westpoint mezzanine companies through a claim he was the director of the non-existent “Kebbel Investment Bank”.
ASIC also alleged Mr Burnard organised and attended promotional seminars at which investors were persuaded to invest in Westpoint mezzanine companies.
The nine charges on which Mr Burnard was convicted relate to six investors who invested nearly $1.2 million.
The initial stages of the appeal will be heard on November 6.
This follows a request by the Australian Securities and Investments Commission (ASIC) which deemed the sentence too lenient.
Sydney-based Mr Burnard was sentenced to a suspended 12-month jail sentence and was also fined $50,000.
That followed his conviction on nine criminal charges in May. It was alleged Mr Burnard obtained financial advantage for five Westpoint mezzanine companies through a claim he was the director of the non-existent “Kebbel Investment Bank”.
ASIC also alleged Mr Burnard organised and attended promotional seminars at which investors were persuaded to invest in Westpoint mezzanine companies.
The nine charges on which Mr Burnard was convicted relate to six investors who invested nearly $1.2 million.
The initial stages of the appeal will be heard on November 6.