The disgraced director's of Opes Prime are to face the judiciary.
It would be great to gauge some fellow ASFers opinions as to what will be the
sentence length or penalty outcome for the directors involved who selfishly neglected the duties they owed to shareholders/clients in pursuance of their own interests.
ASIC charges Opes Prime directors
THE corporate watchdog has charged directors of collapsed stock lender Opes Prime Stockbroking Ltd (OPSL) with breaches of their directors' duties.
The Australian Securities and Investments Commission (ASIC) said on Monday that Lirim (Laurie) Emini, Julian Smith and Anthony Blumberg had been charged following an ASIC investigation.
Emini, Smith and Blumberg have each been charged with two offences of breaching their duties as directors of OPSL and two offences of breaching their duties as directors of Opes Prime Group Ltd (OPGL).
Opes Prime was placed in administration and receivers and managers were appointed in March 2008.
Opes Prime had more than 650 active client accounts and creditors were owed about $630 million when OPSL collapsed.
ASIC said that Mr Smith, 47, of Wentworth Falls, NSW was arrested on Friday, January 8 and appeared in the Downing Centre Local Court in Sydney.
Mr Blumberg, 42, of Cheltenham, Victoria was arrested on Monday and appeared in the Melbourne Magistrates Court.
They were granted conditional bail to appear in the Melbourne Magistrates Court on January 29, 2010.
Mr Smith and Mr Blumberg have been required to surrender any passports and not to attend any point of international departure.