Friday 15 December 2006 LAWFUEL – Australia Legal News, Law Jobs – Victoria Police have executed warrants obtained by the Australian Securities and Investments Commission (ASIC) for the arrest of two former Melbourne-based directors previously banned by the Supreme Court of Victoria for misappropriating client funds. Shaun and Nicole White of Eltham,Victoria, face charges relating to their involvement in the Personalised Finance Solutions group of companies (PFS Group), one of which specialised in the setting up of self-managed superannuation funds.
These charges follow the wind-up of the group in December 2005 after an application by ASIC that the companies and the Whites engaged in conduct that was false and misleading in relation to the carrying on of a financial services business. ASIC alleged that Mr and Ms White misled investors and acted unconscionably, leading investors to roll over their superannuation savings into self-managed funds that the PFS Group established, while persuading them to contribute money into other investments with the group.
The total value of the money alleged to been stolen by Mr White exceeds $930,000. Mr White faces 48 charges including 40 charges of theft, two charges of obtaining property by deception, two charges of dishonest conduct in relation to financial products, the unlicensed carrying on of a financial services business, and managing a company while disqualified Ms Nicole White has been charged with the unlicensed carrying on of a financial services business and two charges of dishonest conduct in relation to financial products.
Mr and Ms White have been bailed to appear in the Melbourne Magistrates Court on 19 December 2006. The conditions of bail also require the Whites to surrender their passports, refrain from approaching any points of international departure, and report to police on a weekly basis. Mr White was also required to provide a $5,000 surety. Background ASIC successfully obtaining orders from the Supreme Court of Victoria disqualifying Shaun and Nicole White from managing corporations for life on 6 July, 2006.
The court also permanently restrained the Whites from carrying on business or dealing in superannuation interests, financial services or financial products. For further information contact: Jan Redfern Executive Director, Enforcement Telephone: 02 9911 2191 Mobile: 0411 119 210 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310