In our first action against market participants based overseas, we charged four Australian-based directors (Craig White, Jason Maywald, Mark Lacy, David Anderson) of OPI Pacific Finance Limited (in receivership and in liquidation) (OPI) for suspected misconduct in relation to its collapse.
OPI, which provided finance to businesses that developed and invested in commercial property, owed approximately $247 million to more than 100,000 investors.
On 25 September 2015 David Anderson pleaded guilty to the charges brought by the FMA. Mr Anderson was ordered to pay reparation of AUD$100,000 to the company’s receivers and sentenced to 300 hours’ community work. See media release.
Mr White was sentenced to 250 hours’ community work and ordered to pay AUD$100,000 reparation to the company’s receivers. See media release.
Mark Lacy and Jason Maywald each pleaded guilty to the charges brought by the FMA under the Securities Act. See media release.
Messrs Lacy, White and Anderson entered not guilty pleas. The matter has now been transferred to the High Court. An 8-week hearing has been scheduled to commence in October 2015.
Criminal charges – Filed on 5 November 2013 in the District Court of Auckland. See media release.
Charges: Charges have been laid under section 58 of the Securities Act whereby FMA alleges that Mark Lawrence Lacy, Jason Robert Duncan Maywald, David Mark Anderson and Craig Robert White made untrue statements in the 2007 OPI offer documents.
Penalties: Criminal charges - The charges under section 58 of the Securities Act 1978 carry a five-year maximum term of imprisonment or a $300,000 fine.