Wednesday, 1 October 2008

Man jailed over $3m investment losses

An Adelaide businessman will spend a year in jail for failing to disclose details of an investment scheme.

Robin Brian Poumako, 59, and business partner Ann-Marie Donaldson, 46, each were found guilty of 44 charges relating to securities issued through their company International Finance Corporation.

District Court judge Peter Herriman said 19 investors lost more than $3 million in the scheme, which was used to buy properties including Fernilee Lodge at Burnside.

He dismissed the pair's argument that Burnside Council's delay over the Lodge redevelopment had hurt the scheme, saying both had acted recklessly and deliberately in withholding information from investors.

Poumako was sentenced to a year in jail.

Donaldson was put on a good behaviour bond because of her lesser role in scheme.

No comments: