A former Westpac home finance manager has appeared in the Southport Magistrates Court on fraud charges brought by ASIC.
David St Pierre, of Mt Nathan, Queensland, has been charged with seven counts of dishonestly inducing Westpac Banking Corporation to deliver property in the amount of approximately $2.5 million between August 2008 and July 2013.
In March 2014, ASIC permanently banned St Pierre from engaging in credit activities and providing financial services. The regulator found that during his employment at Westpac, St Pierre had involvement in providing loans to All About Property Developments Pty Ltd, the real estate arm of an associated company, Capital Growth International Club Pty Ltd.
St Pierre was released on conditional bail. The matter will return to Southport Magistrates Court on 6 July 2015. The charges against St Pierre carry a maximum penalty of up to 12 years jail on each charge.
The Commonwealth Director of Public Prosecutions is prosecuting the matter. Westpac are working to ensure affected customers are appropriately compensated.