By Suze Metherell
Sept. 23 (BusinessDesk) – Craig White, a former director of OPI Pacific Finance, has been sentenced to 250 hours of community work and A$100,000 in reparations after pleading guilty to two Securities Act charges laid by the Financial Markets Authority.
White pleaded guilty on Friday to two charges under the Securities Act including distributing an advertisement and signing off on an prospectus in 2007, which included untrue statements, market watchdog the Financial Markets Authority said in a statement.
White’s guilty plea came on the same day former OPI directors Mark Lacy and Jason Maywald were sentenced to 200 hours of community work and ordered to pay A$100,000 in reparations for their guilty pleas. Former director David Anderson is scheduled to stand trial on Oct. 5.
OPI provided finance to commercial property developers and investors and was tipped into receivership in September 2009 and then liquidation two years later.
More than 10,000 investors were owed about $247 million. As at July this year, investors had been repaid 30.23 cents in the dollar.