Archive for July, 2009

Finnin is found guilty

Tuesday, July 28th, 2009

For those of you who have yet to catch up on the news, John Finnin was found guilty on Friday of 23 charges that relate to alleged child sex offences. He will be sentenced by a judge this Friday. Most Firepower shareholders don’t need reminding that Finnin was the CEO of the company and the man who promised in early 2007 that shareholders would be a given a full set of financial figures by September that year. He was the man wheeled out to defend the company in a series of meetings held in capital cities all over Australia. Many shareholders will have shaken hands with him, or exchanged emails with him, and felt reassured at the time that this former senior Australian diplomat – with a top secret security clearance from the Australian government – was the man who was going to end their misery. Well, a court alleges he had other things on his mind around about then, as I first reported in August 2007. And there might be more revelations to come.

Movement at last

Thursday, July 9th, 2009

The Australian Securities and Investment Commission has moved to ban one of the biggest sellers of Firepower shares.  Quentin Ward, a Perth-based financial adviser, sold millions of dollars worth of shares of his clients and was banned from the industry for eight years. The ironic thing – as readers of my book will no doubt recall – is that Quentin Ward was previously banned by ASIC for three years – from 1995 until 1998 – for his role in a previous, unrelated, fraud. He simply reapplied for his financial services licence and later began selling Firepower shares to his clients. 

Meanwhile a completely unrelated court action against former Firepower CEO John Finnin continues in the County Court in Victoria. I’m not allowed to bring you details. The case is subject to a suppression order by the court, including details of who John worked for before joining Firepower. The suppression order applies only in Victoria. The Sydney Morning Herald carried a story about the case in the NSW editions of the paper on Wednesday. You’ll need to grab a copy to get the details.