ASIC has brought charges against Opes Prime Stockbroking (OPSL) directors Lirim Emini, Julian Smith and Anthony Blumberg for breaching directors duties.
ASIC claims that shortly before Opes Prime collapsed, the directors signed financial documentation with ANZ Bank to obtain a term loan for OPSL and Opes Prime Group Limited (OPGL) and pledged the companies' assets as security to meet the obligations of a third company, Leveraged Capital Pty Ltd.
ASIC also alleges the directors were intentionally dishonest and failed to exercise their powers and discharge their duties in good faith and in the best interests of OPGL and OPSL.
The regulator accuses the directors of dishonestly using their position as directors of OPGL and OPSL with the intention of directly or indirectly gaining an advantage for themselves or for someone else.
Smith and Blumberg were arrested, but have been released on bail. They are to appear in the Melbourne Magistrates Court on 29 January 2010.
Emini has been summoned to appear in the Melbourne Magistrates Court on the same day.
Each offence carries a maximum penalty of five years imprisonment.
OPSL was placed in administration on 27 March 2008 and receivers and managers were appointed.
At that time, Opes Prime had more than 650 active client accounts and creditors were owed approximately $630 million.
In August 2009, the Federal Court approved schemes of arrangement which are expected to deliver $253 million and a return of around 37 cents in the dollar to Opes Prime's creditors.
An interim dividend of 30 cents was paid by the scheme administrators on 16 December 2009.
