Adelaide based company, Power Financial Planning Pty Ltd, and its former director, Mr Stephen McArdle, were today represented in the Adelaide Magistrates Court in relation to charges brought by the Australian Securities and Investments Commission (ASIC).

Power Financial Planning Pty Ltd is charged with carrying on a financial services business without an Australian financial services licence (AFSL). Mr McArdle is charged with aiding, abetting, counselling and procuring the company to deal in financial products totalling in excess of $10 million, including Westpoint promissory notes, without an AFSL in contravention of the Corporations Act.

It is alleged that Power Financial Planning Pty Ltd, assisted by Mr McArdle, arranged for investors to acquire Westpoint promissory notes and interests in the Prime Retirement and Aged Care Property Trust, the Kebbel Development Capital Fund No. 2 (The Gilead Trust) and Kebbel Development Capital Fund No. 3 (The Riverside Pier Trust).

These charges follow ASIC’s investigation into the conduct of companies associated with National Trading and Finance Group Pty Ltd, the proprietor of the business name Power Loan, which came to the attention of ASIC through its broader investigation into the collapse of the Westpoint Group of companies.

The matter has been adjourned until the 10 July 2009.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

ASIC Media Release