The directors of failed stockbroking firm Opes Prime could face five years imprisonment as further charges are lodged arising from the investigation by ASIC into the company's collapse.
Lauire Emini has been charged with 22 offences of breaching his duties as a director of OPSL and another company of which he was a director, Leveraged Capital.
In January of this year, Mr Emini was charged with four separate offences of breaching his duties as a director of OPSL and associated companies. His co-directors of OPSL, Julian Smith and Anthony Blumberg were also charged with those offences.
Messrs Emini, Smith and Blumberg appeared in the Melbourne Magistrates Court today in relation to the matter. They were ordered to attend the committal proceedings listed for 28 February 2011 and bail was extended for Messrs Smith and Blumberg.
ASIC alleges that on a number of occasions between July 2006 and February 2008, Mr Emini caused the false recording of securities in the records of OPSL and Leveraged Capital so that securities were recorded as being held by more than one client at the same time.
The result of this false recording was that the records of OPSL and Leveraged Capital were not a true reflection of the state of those companies' securities holdings and consequently, their respective financial positions.
The value of these securities was in excess of $50 million.
ASIC alleges that in causing the false recordings to be made, Mr Emini was intentionally dishonest and failed to exercise and discharge his duties in good faith in the best interests of OPSL and Leveraged Capital.
