The Australian Securities and Investments Commission has charged three men who offered builders’ warranty insurance in Victoria between June 2003 and February last year.

Gary Mepstead, of Patterson Lakes, along with James Scott of Mentone and his father Anthony Scott of Blackburn, faced the Melbourne Magistrates Court on the charges, which relate to Homesafe Equities (Homesafe) and Builders & Owners (B&O).

Mr Mepstead, a former director of B&O, was sentenced to a 12-month good behaviour bond and ordered to pay $1500 in costs after he pleaded guilty to a charge under the Corporations Act of providing a financial service without holding an Australian financial services (AFS) licence.

James Scott, a former director of Homesafe, was charged with 231 offences, including providing a financial service without holding an AFS licence, making misleading statements in relation to financial products and engaging in dishonest conduct in relation to financial products.

Anthony Scott, also a former Homesafe director, faces 15 similar charges. Father and son will appear at a filing hearing on August 25.