The Commonwealth Director of Public Prosecutions (CDPP) has dropped charges against two Queensland directors involved in the selling of Westpoint products.
The CDPP announced late yesterday it has discontinued charges against Robert Button and Stephen Sneddon.
ASIC brought the charges against Button and Sneddon in April 2009.
The corporate regulator alleged that in 2003 both Button and Sneddon were involved in providing financial services on behalf of the Lancer Group without an Australian Financial Services Licence.
The charges related to recommendations to invest in promissory notes issued by various Westpoint mezzanine companies, an ASIC statement said.
Following a review, the CDPP decided that the charges should be discontinued on public interest grounds, the statement said.
At the time Both Button and Sneddon were charged along with Mark Shepherd and Barry Silver. Charges were dropped against Shepherd, however, Silver pleaded guilty and is now sentenced to six months in jail.
