LAWFUEL – Australia Business News – Former director of Progressive Investment Securities Pty Ltd, Nellie Elizabeth Enares, has been convicted on nine charges of making false statements under oath to the Australian Securities and Investments Commission (ASIC).
Ms Enares, of Pyrmont in New South Wales, was convicted 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 during the examination, denying that her handwriting appeared on a number of documents including loan and product applications, which had been submitted to Macquarie Bank for approval. Ms Enares was sentenced to 400 hours of community service.
‘Lying to ASIC during a formal examination is no light matter and today’s outcome shows that such behaviour will be pursued, and is regarded seriously by the courts’, ASIC’s Executive Director of Enforcement, Jan Redfern said.
This matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Ms Enares is one of four individuals charged in relation to conduct concerning CIG and Progressive following an investigation by ASIC.
Former director of Progressive Mr Tunde Doja, of Sydney, New South Wales, and Mr Mohammad Zareei, of Baulkham Hills, New South Wales, were both charged with unlawfully providing a financial service and inducing persons to deal in securities under the Corporations Act.
Mr Doja has also been charged with six counts of obtaining financial advantage by false or misleading statements under the NSW Crimes Act.
Mr Zareei was also charged with two counts of creating false instruments, or documents, regarding an application for finance and an interest pre-payment application which were both submitted to Macquarie Bank. In addition, Mr Zareei faces seven counts of obtaining a financial advantage by using false or misleading statements under the NSW Crimes Act.
ASIC also alleges that Mr Manouchehr (Mark) Tivay introduced several investors to Messrs Doja and Zareei and made statements to those persons concerning the investments. Mr Tivay has been charged with two counts of unlawfully providing a financial service and two counts of inducing persons to deal in securities.
The matters concerning Messrs Doja, Zareei and Tivay will be heard in the District Court on 30 April 2007.