Jailed director permanently banned

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Dollarforce Financial Services former director Clestue Remegius Weerappah has been banned by ASIC from providing financial services following his convictions for fraud.
 
Weerappah pleaded guilty to five charges earlier this year including using his position dishonestly to falsely represent money from investors would contribute to the purchase and development of three properties and falsifying a document lodged with ASIC.

He was also found to have falsified company books relating to Altitude Property Number 1 Pty Ltd regarding the sale of a Balwyn Property for $1,300,000.
 
He was sentenced in August to four years imprisonment, including a two-year non parole period and to repay $3.7 million to a number of investors.
Dollarforce collapsed in 2009 with a deficiency of $24 million with investors losing more than $8 million.
Weerappah has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.

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