Friday 22 December 2006 LAWFUEL – Law News Network – Former director of Progressive Investment Securities Pty Ltd, Ms Nellie Elizabeth Enares, has been found guilty today on nine charges of making false statements under oath to the Australian Securities and Investment Commission (ASIC). Ms Enares, of Pyrmont, New South Wales, was found guilty in the Downing Centre Local Court on charges relating to an examination of Ms Enares by ASIC officers, during their investigation of individuals associated with Capital Investment Group (Aust) Pty Ltd (CIG) and Progressive Investment Securities Pty Ltd (Progressive).
This investigation concerned the unlawful provision of financial services to a number of investors who were enticed into investing in securities known as ORB 1, ORB 2 and OMIP 15 – 7 through the use of Macquarie Bank Margin Lending. The investors were required to enter into agreements with Macquarie Bank for up to $300,000 in margin loans on each product. Many of these loans are now in default.
Ms Enares was charged with making false statements concerning her handwriting being on a number of documents including loan and product applications submitted to Macquarie Bank for approval. Ms Enares will reappear in the Downing Centre Local Court for sentencing on 16 February, 2007. This matter is being prosecuted by the Commonwealth Director of Public Prosecutions. For further information contact: Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310 Page 1 of 1