ISI ceo and others charged by Securities Commission

The criminal charges against directors Vance Arkinstall, Richard Bettle, Terence Butler, Ann Butler, Paul Forsyth and Robert Barry Whale carry a maximum penalty of five years imprisonment or fines of up to $300,000, while the civil penalties are up to $500,000 against each director.  

The commission alleges the directors made false statements in the 2007 Dominion and North South prospectuses and extension certificates, and that a quarterly newsletter in 2008 contained similar untrue statements about the financial position of the companies. It's continuing its investigations into the companies, and parent Dominion Finance Holdings, and is considering further proceedings.  

"The commission alleges that Dominion Finance Group's offer document and advertisements misled investors by misrepresenting the investment risks, especially in relation to related party transactions, lending standards, loan quality and impairment, liquidity and the company's overall financial position," said chairman Jane Diplock in a statement.

"The commission also alleges that North South Finance's offer documents and advertisements misled investors in relation to related party transactions, liquidity and the company's overall financial position."