The Australian Securities and Investments Commission has permanently banned former director of Dollarforce Financial Services Clestus Remegius Weerappah from providing financial services after being convicted of serious fraud offences.
Dollarforce collapsed in 2009 with a deficiency of $24 million with investors losing more than $8 million.
Weerappah, 48, of Oakleigh, Victoria, previously pleaded guilty in the Victorian County Court to three charges of using his position dishonestly with the intention of gaining an advantage by misleading investors into contributing to the purchase and development of the three properties. He also pleaded guilty to one charge of falsifying a document lodged with ASIC concerning a $2,955,000 loan that had been forgiven by the company, and one charge of falsifying books relating to the affairs of Altitude Property Number 1 Pty Ltd regarding the sale of a Balwyn Property for $1,300,000.
Weerappah will serve a minimum of two years before he is eligible for parole.
The court also ordered him to repay $3.7 million to a number of investors.
Weerappah has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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