Former Westpoint advisor charged

Former Westpoint advisor, Mr Keith Rowntree, has appeared in the Downing Centre Local Court in Sydney, facing charges of providing financial advice without an Australian financial services license.

The Australian Securities and Investments Commission believe that at various times between 2003 and 2005, Mr Rowntree carried on a financial services business, Solutions One Finance Group in North Sydney and provided financial advice in relation to various products, including Westpoint related mezzanine company promissory notes.

These matters came to ASIC's attention through its broader investigation into the collapse of the Westpoint Group of Companies and complaints received from the public.

Mr Rowntree was a director of Solutions One Finance Group (Aust) Pty Ltd, Solutions One Finance Group (NSW) Pty Ltd and Solutions Once Finance Group (Vic) Pty Ltd. These companies have now been deregistered.