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Tasmanian forestry investment promoter convicted

Wednesday 16 January 2002

Launceston businessman Anthony Wayne Seymour was today convicted and fined $2,500 in relation to two charges of operating an unregistered managed investment scheme, and offering interests in the scheme without a registered prospectus.

The conviction also means that Mr Seymour is automatically disqualified from managing any company for a period of five years.

The charges were brought by the Australian Securities and Investments Commission (ASIC) following an investigation into Mr Seymour's involvement between 12 April 1999 and 11 November 1999 in Forest Enterprises Australia Limited (Forest Enterprises), an illegal forestry investment scheme.

Mr Seymour earlier pleaded guilty to the charges but disputed some of the facts presented to the court by ASIC.

In sentencing Mr Seymour, Chief Magistrate Arnold Shott took into account significant mitigating circumstances in relation to the offences.

In March 2000 ASIC accepted an enforceable undertaking from Forest Enterprises in relation to the scheme, following concerns that the scheme did not comply with the Corporations Law.

The company acknowledged ASIC's concerns and agreed to a number of actions set out in the enforceable undertaking, including that they would immediately cease offering interests in the scheme and offer investors a refund of all money that had been contributed.

A trustee was appointed to the scheme to protect investor's interests, and a registered liquidator undertook a full financial investigation, audit and assessment of the scheme.

Copies of all enforceable undertakings are available from ASIC's website at www.asic.gov.au.

For further information contact
Simon DwyerRegional Commissioner, TasmaniaTelephone: 03 62 356 800Mobile: 0418 299 097 Felicity Glennie-HolmesASIC Media UnitTelephone: 02 9911 2600Mobile: 0412 673 038


Home Articles Discussion Gallery Maps Links	Tasmanian forestry investment promoter convicted Wednesday 16 January 2002 Launceston businessman Anthony Wayne Seymour was today convicted and fined $2,500 in relation to two charges of operating an unregistered managed investment scheme, and offering interests in the scheme without a registered prospectus. The conviction also means that Mr Seymour is automatically disqualified from managing any company for a period of five years. The charges were brought by the Australian Securities and Investments Commission (ASIC) following an investigation into Mr Seymour's involvement between 12 April 1999 and 11 November 1999 in Forest Enterprises Australia Limited (Forest Enterprises), an illegal forestry investment scheme. Mr Seymour earlier pleaded guilty to the charges but disputed some of the facts presented to the court by ASIC. In sentencing Mr Seymour, Chief Magistrate Arnold Shott took into account significant mitigating circumstances in relation to the offences. In March 2000 ASIC accepted an enforceable undertaking from Forest Enterprises in relation to the scheme, following concerns that the scheme did not comply with the Corporations Law. The company acknowledged ASIC's concerns and agreed to a number of actions set out in the enforceable undertaking, including that they would immediately cease offering interests in the scheme and offer investors a refund of all money that had been contributed. A trustee was appointed to the scheme to protect investor's interests, and a registered liquidator undertook a full financial investigation, audit and assessment of the scheme. Copies of all enforceable undertakings are available from ASIC's website at www.asic.gov.au. For further information contact Simon DwyerRegional Commissioner, TasmaniaTelephone: 03 62 356 800Mobile: 0418 299 097 Felicity Glennie-HolmesASIC Media UnitTelephone: 02 9911 2600Mobile: 0412 673 038