Directors of Failed Broker Face Charges in Australia
January 11, 2010
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Sydney. Australia’s corporate regulator said on Monday it had charged three former directors of the failed Melbourne stock brokerage group Opes Prime with breaching their duties.
The Australian Securities and Investments Commission said directors Lirim “Laurie” Emini, Julian Smith and Anthony Blumberg had been charged and ordered to appear in the Melbourne Magistrates Court later this month.
“Emini, Smith and Blumberg have each been charged with two offences of breaching their duties as directors of OPSL [Opes Prime Stockbroking Limited] and two offences of breaching their duties as directors of Opes Prime Group Limited [OPGL],” the ASIC said.
Opes Prime Stockbroking Limited, one of Australia’s most high-profile collapses of the global financial crisis, was placed in administration in March 2008 owing creditors 630 million Australian dollars ($586 million).
The ASIC alleged that the Opes Prime directors were intentionally dishonest and failed to exercise their powers and discharge their duties in good faith.
Each offense carries a maximum penalty of five years jail.
Agence France-Presse
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