09-221AD Former power loan franchisee sentenced on Westpoint related charges
Monday 9 November 2009
Mr Russell Barry Collins-McBride, a former franchisee of Power Loan, was sentenced to six months imprisonment, fully suspended upon entering into a recognisance to be of good behaviour for three years on a charge brought by ASIC.
Mr Collins-McBride of Seaview Downs, Adelaide, pleaded guilty to aiding, abetting, counselling and procuring Power Financial Planning Pty Ltd (Power FP) to carry on a financial services business without an Australian financial services licence in contravention of the Corporations Act 2001.
Mr Collins-McBride assisted Power FP to arrange for clients of an associated company, National Trading and Finance Group Pty Ltd, the proprietor of Power Loan, to invest more than $8 million in financial products including Westpoint promissory notes and interests in Prime Retirement and Aged Care Property Trust and Kebbel Development Capital Fund No. 2 – Mount Gilead Trust and Kebbel Development Capital Fund No. 3 – The Riverside Pier Trust.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
ASIC Website: Printed 07/31/2010
