- Struck off solicitor sentenced
- AAP
- 14/03/2007 Make a Comment
- Contributed by: admin ( 59 articles in 2007 )
Mr Paul Anthony Triscott, a former solicitor involved in the promotion of a solicitors mortgage investment scheme, has today been sentenced in the District Court in Queensland after pleading guilty to six counts of dishonestly causing a detriment of approximately $184,000 to investors in the scheme.
Mr Triscott was sentenced to two years jail, wholly suspended, on each of the charges, to be served concurrently. The charges were brought by the Australian Securities and Investments Commission (ASIC).
Mr Triscott was the principal of Triscott & Associates Solicitors, which was engaged in private mortgage lending. He was also a former director of Lex Nominees Pty Ltd (Lex Nominees), the mortgage lending company associated with Triscott & Associates.
The charges relate to the provision of a loan of $2.64 million by Lex Nominees, the first mortgage lending arm of Triscott & Associates, to Zurich House Townsville Pty Ltd (Zurich House) for the purchase of a commercial property between 25 March 1999 and 16 April 1999.
In April 1999, Mr Triscott commissioned KPMG Chartered Accountants to prepare a report to assess the overall risk level and serviceability of a proposed loan of $2.64 million to a borrower for the purchase of a property in Townsville known as Zurich House.
A report was provided by KPMG to Triscott & Associates prior to the loan being provided. In the report, KPMG concluded that the risk level of the proposed loan was extremely high. Despite the comments made, the loan settled without Mr Triscott giving investors the opportunity to examine the findings of the report, which resulted in losses being incurred by investors.
Subsequently, Zurich House was wound up, which resulted in the investors in Lex Nominees sustaining a loss in excess of $1.5 million.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Mr Triscott was struck off as a solicitor of the Supreme Court on 19 March 2002 by the Queensland Law Society.
Background
Triscott & Associates commenced primarily as a general legal practice but by late 1996, the substantial majority of work conducted by the firm was a mortgage lending practice operating under the business name of Triscott & Associates, the Property Finance Lawyers. The firm operated from Springwood, Queensland. Lex Nominees Pty Ltd, registered on 14 May 1996, was a trustee company incorporated by Triscott & Associates to hold contributory mortgages on behalf o investors. This was a requirement of the Queensland Law Society for solicitors
Mr Triscott was sentenced to two years jail, wholly suspended, on each of the charges, to be served concurrently. The charges were brought by the Australian Securities and Investments Commission (ASIC).
Mr Triscott was the principal of Triscott & Associates Solicitors, which was engaged in private mortgage lending. He was also a former director of Lex Nominees Pty Ltd (Lex Nominees), the mortgage lending company associated with Triscott & Associates.
The charges relate to the provision of a loan of $2.64 million by Lex Nominees, the first mortgage lending arm of Triscott & Associates, to Zurich House Townsville Pty Ltd (Zurich House) for the purchase of a commercial property between 25 March 1999 and 16 April 1999.
In April 1999, Mr Triscott commissioned KPMG Chartered Accountants to prepare a report to assess the overall risk level and serviceability of a proposed loan of $2.64 million to a borrower for the purchase of a property in Townsville known as Zurich House.
A report was provided by KPMG to Triscott & Associates prior to the loan being provided. In the report, KPMG concluded that the risk level of the proposed loan was extremely high. Despite the comments made, the loan settled without Mr Triscott giving investors the opportunity to examine the findings of the report, which resulted in losses being incurred by investors.
Subsequently, Zurich House was wound up, which resulted in the investors in Lex Nominees sustaining a loss in excess of $1.5 million.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Mr Triscott was struck off as a solicitor of the Supreme Court on 19 March 2002 by the Queensland Law Society.
Background
Triscott & Associates commenced primarily as a general legal practice but by late 1996, the substantial majority of work conducted by the firm was a mortgage lending practice operating under the business name of Triscott & Associates, the Property Finance Lawyers. The firm operated from Springwood, Queensland. Lex Nominees Pty Ltd, registered on 14 May 1996, was a trustee company incorporated by Triscott & Associates to hold contributory mortgages on behalf o investors. This was a requirement of the Queensland Law Society for solicitors
1Will not be visible to public.
2Receive notification of other comments posted for this article. To cease notification after having posted click here.
3To make a link clickable in the comments box enclose in link tags - ie.<link>Link</link>.
4To show an image enclose the image URL in tags - ie.<image>https://fredspage.com/box.jpg</image>. Note: image may be resized if too large
To further have your say, head to our forum Click Here
To contribute a news article Click Here
To view or contribute a Quote Click Here