Opes Prime Exec's Sentence Length Tipping Comp

[GumbyLearner]

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.

http://www.tweednews.com.au/story/2010/01/11/asic-charges-opes-prime-directors/

 

[gordon2007]

You sound as though you've been burned by this mob.

 

[GumbyLearner]

You sound as though you've been burned by this mob.

How did you come to that conclusion? No exposure at all.
I just thought I'd throw it up as a topic. And WTF not?

Just my

Actually come to think of it. I'm a little concerned as to your thought processes Gord2007.
Do you think that the only reason someone would start a thread is because it affects themselves individually as to be the only motivating factor why they would start a thread in the first place.

You obviously have the wrong angle there mate.

It just seems to me that a professionals fiduciary duty to their clients is far more important than a conflict of interest they may have by profiting from their own position with OTHER PEOPLES MONEY!

Anyway. No offence taken. Just thought I would start a thread where ASF members can freely express their own view on the outcome. It is a free country after all.

 

[gordon2007]

LOL...relax a bit, there is no reason for 'concern'. This is, afterall, just the internet. It just seemed to me your language was a bit harsh and venting frustrations. Clearly I was wrong.

How did you come to that conclusion? No exposure at all.
I just thought I'd throw it up as a topic. And WTF not?
Just my
Actually come to think of it. I'm a little concerned as to your thought processes Gord2007.

 

[So_Cynical]

If i remember rightly there were a few investors that committed suicide over there losses, some people were totally wiped out...and then remember the crazy selling ANZ did afterward to recover some of there money.

These numbskull financial criminals should go to jail.

 

[nunthewiser]

LOL i would be more worried about some of that " shady " cash that got lost and some of those boys that made the headlines that were looking for it .......


I think "bubba" gunna have a field day when or if they go inside

 

[nulla nulla]

I would not be surprised if the matter gets thrown out of court for a lack of conclusive evidence.

 

[prawn_86]

I voted for them walking, but they may get a suspended sentence. Show me a case ASIC has won recently....

 

[namrog]

Execute em , I say.
White collar criminals, scum of the earth,
But no, damn all will happen to them, probably get off with a slap on the wrist..
I'm sure they have enough connections through the old boys club to arrange some sort of a deal..

And no, I haven't lost any money or ever had anything to do with the pr!cks, but I have read of lives being destroyed, because of the actions of these guys, or lack of action I should say....