Former Westpoint promoter Neil Burnard has been permanently banned from providing financial services.
Former Westpoint promoter Neil Austin Burnard has been permanently banned from providing financial services, after his 12-month suspended sentence was overruled.
In August, Burnard received a 12-month suspended prison sentence in the New South Wales District Court, for his involvement in the collapse of the Westpoint group of companies.
Earlier this month, the Commonwealth Director of Public Prosecutions had lodged an appeal in relation to the sentence in the NSW Court of Criminal Appeal.
Last Friday, ASIC announced it had permanently banned Burnard.
On May 6, 2008, Burnard was found guilty by a jury on nine criminal charges arising from ASIC's investigation into the affairs of Kebbel (NSW) Pty Ltd, now known as Palentia Pty Ltd.
The investigation formed part of a broader enquiry into the collapse of the Westpoint Group of companies.
Under the Crimes Act of New South Wales, Burnard was charged with obtaining a financial advantage for five Westpoint mezzanine companies, by making or publishing statements that he was a director of "Kebbel Investment Bank" between July 1, 2003 and November 30, 2004 - an entity that did not exist.
Eighteen licensed advisers and four unlicensed advisers, who provided advice in relation to Westpoint products, have now been banned.
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