Former Opes Prime Stockbroking director Laurie Emini has been sentenced to jail after pleading guilty to dishonestly using his position as a director of Leveraged Capital.
Emini was sentenced to 24 months' imprisonment in total, but will be released on a good behaviour bond of $5000 after 12 months.
"If you are of good behaviour over the following 12 months, that will be the end of the sentencing process insofar as this court is concerned," Justice David Beach said in the Supreme Court of Victoria yesterday.
"If you had not pleaded guilty, I would have sentenced you to a total term of imprisonment of five years, permitting you to be released on a recognisance after serving two years and six months."
Last week, Emini pleaded guilty to two charges of dishonestly using his position as a director of Leveraged Capital with the intention of gaining an advantage for Riqueza Holdings or himself, and one charge of recklessly failing to exercise his powers and discharge his duties as a director of Opes.
Co-director Anthony Blumberg, who also pleaded guilty to charges brought by ASIC, received a sentence of 12 months' imprisonment, and will be released on a good behaviour bond after six months.
In March 2008, Opes Prime was placed in administration and receivers and managers were appointed. The firm had more than 650 active client accounts and creditors were owed around $630 million when the company collapsed.
In August 2009, the Federal Court approved the schemes of arrangement. These schemes are expected to deliver $253 million to creditors. Dividends exceeding 37 cents have been paid by the scheme administrators.
