SA firm and director face Westpoint charges
Power Financial Planning and its former director Stephen McArdle faced the Adelaide Magistrates Court on Friday on charges related to failed investment firm Westpoint.
Mr McArdle is charged with aiding, abetting, counselling and procuring the company to deal in financial products worth more than $10 million without an Australian financial services licence (AFSL).
Adelaide firm Power is also charged with carrying on a financial services business without an AFSL.
The Australian Securities and Investments Commission (ASIC) alleges Mr McArdle assisted Power to arrange Westpoint promissory notes and interests in investments associated with the group, which collapsed in a $320 million bust in 2006.
The case has been adjourned until July 10.
Mr McArdle is charged with aiding, abetting, counselling and procuring the company to deal in financial products worth more than $10 million without an Australian financial services licence (AFSL).
Adelaide firm Power is also charged with carrying on a financial services business without an AFSL.
The Australian Securities and Investments Commission (ASIC) alleges Mr McArdle assisted Power to arrange Westpoint promissory notes and interests in investments associated with the group, which collapsed in a $320 million bust in 2006.
The case has been adjourned until July 10.