Company secretary of financial group jailed
(20 August 2010 – Australia) Ian Rau, the former company secretary of financial group Chartwell Enterprises, has been jailed in relation to the financial group’s collapse in 2008.
Mr Rau was sentenced this week to two years and eight months in jail on charges brought by the Australian Securities and Investments Commission.
The former company secretary pleaded guilty to charges including one count of running a financial services business without a licence and four for engaging in dishonest conduct in relation to the business.
He also pled guilty to making and using a false document and obtaining property worth A$40,000 by deception.
The Geelong business went down with around A$60 million worth of investors money.
This is not the first financial disaster for the Victorian port. In 1990 the Pyramid Building Society collapsed with about A$600 million owing to investors.
Victorian Families Retirement and Investment Group, a subsidiary of Storm Financial, was put into liquidation last year owing A$2 million.
Also accused alongside Mr Rau is Graeme Hoy, who has pleaded not guilty, and will face 82 charges in the same court.
The former company secretary pleaded guilty to charges including one count of running a financial services business without a licence and four for engaging in dishonest conduct in relation to the business.
He also pled guilty to making and using a false document and obtaining property worth A$40,000 by deception.
The Geelong business went down with around A$60 million worth of investors money.
This is not the first financial disaster for the Victorian port. In 1990 the Pyramid Building Society collapsed with about A$600 million owing to investors.
Victorian Families Retirement and Investment Group, a subsidiary of Storm Financial, was put into liquidation last year owing A$2 million.
Also accused alongside Mr Rau is Graeme Hoy, who has pleaded not guilty, and will face 82 charges in the same court.
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