Finance advice

3 years’ jail for former Westpac home loan manager

By James Mitchell
3 years' jail for former Westpac home loan manager

A former Westpac home finance manager has been sentenced to three years’ imprisonment after pleading guilty to dishonest use of his position.

Following an ASIC investigation, David St Pierre, a former Westpac home finance manager, has been sentenced in the Southport District Court to three years’ imprisonment, to be released after six months on a recognisance order.

An ASIC statement explains that on 2 November 2016, Mr St Pierre pleaded guilty to three counts of dishonest use of his position, with the intention of directly or indirectly gaining an advantage for himself or others.

ASIC alleged that between July 2008 and June 2010, Mr St Pierre dishonestly used his position and submitted loan applications for approval when he knew they contained false information and false documents.

Mr St Pierre obtained over $2.5 million for Westpac customers, that they invested with a now failed Tasmanian property development scheme, operated by Capital Growth International Club All About Property Developments Pty Ltd.

In delivering the sentence, Judge Kent QC remarked that Mr St Pierre’s behaviour was described accurately in his opinion by the Crown as calculated, elaborate, determined and not a fleeting mistake.

ASIC Commissioner Peter Kell said Mr St Pierre’s actions betrayed the trust of his clients and caused them significant financial harm.

“This sentence showed such behaviour will not be tolerated,” he said.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

Mr St Pierre’s recognisance is in the sum of $1,000, conditioned that he be of good behaviour for a period of three years.

ASIC’s investigation found that the customers to whom the loan applications related were elderly and vulnerable and with limited financial means, yet in spite of this, Mr St Pierre encouraged them to borrow against their homes, some of which were unencumbered, to invest with CGIC and AAPD, which promised returns of 12–20 per cent per annum.

The customers received monthly interest payments from CGIC and AAPD after they invested, however the interest payments stopped shortly before a liquidator was appointed on 28 February 2011. This left customers without sufficient income with which to repay their loans to Westpac.

Westpac has compensated customers who obtained loans from Westpac through Mr St Pierre in relation to amounts they invested in CGIC. Westpac has also compensated investors who did not borrow funds from Westpac but claimed to have had some direct contact with Mr St Pierre before making their investment in CGIC.

ASIC acknowledges Westpac’s commitment to achieving a resolution for the benefit of CGIC investors.

In March 2014, ASIC permanently banned Mr St Pierre from engaging in credit activities and providing financial services.

ASIC’s investigations into CGIC, AAPD and its officers are ongoing.

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Media hype would have you believe that the Australian property market is in dire circumstances at the moment and that there is no money to be made.  But is that really the case?

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In this episode of the Smart Property Investment Show, regular guests Steve and Victor of Right Property Group join host Phil Tarrant to discuss the current state of the Australian property market as it is portrayed in the media, and analyse if things are as dire as we are being led to believe.

They will compare regional markets with capital cities as investment options, reveal some areas which they consider to be poor investments at the moment while also discussing some of the markets where they see future potential.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Surfers Paradise

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(53) "Finance Tips and Insights - Smart Property Investment" ["menu-meta_description"]=> string(91) "Financial tips for property investors, from mortgages to cash flow to saving for a deposit." ["secure"]=> int(0) ["page_description"]=> string(11) "sample desc" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2018-09-10 06:23:01" ["slug"]=> string(61) "18524:busting-perceptions-of-a-doom-and-gloom-property-market" ["catslug"]=> string(28) "45:smart-property-investment" ["link"]=> string(81) "/investor-stories-1/18524-busting-perceptions-of-a-doom-and-gloom-property-market" }
Busting perceptions of a doom and gloom property market

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