South Yarra accountant pleads guilty to ASIC charges
South Yarra accountant Mark Ronald Letten, the former director of LGH Holdings Ltd (in liquidation) and the principal of the accounting firm Lettens Pty Ltd, formerly The Letten Group, has pleaded guilty to 27 criminal charges, including charges of operating 21 unregistered managed investment schemes and of carrying on a financial services business without an Australian Financial Services (AFS) licence, following an ASIC investigation. Between 1998 and 2010 more than 1,000 investors placed more than $100 million in investment property schemes in Australia and New Zealand, which were managed and promoted by Mr Letten through a number of companies including LGH Holdings Ltd. The companies and unregistered schemes were wound up (following a number of applications by ASIC in the Federal Court) and Mr Letten pleaded guilty, in the Victorian County Court, to 27 charges being:
- 21 charges of operating unregistered managed investment schemes;
- 1 charge of carrying on a financial services business without an AFS licence; and
- 5 charges of breaching directors’ duties.
Mr Letten is facing a maximum sentence of:
- five years imprisonment for each of the unregistered scheme charges and the directors’ duties charges; and
- two years imprisonment for the charge of carrying on an unlicensed financial services business.
Mr Letten’s conditional bail was extended and he is to reappear in the Victorian County Court on 12 May 2014.
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