Fraud charge for former bank finance manager

FORMER Westpac Pacific Fair home finance manager David St Pierre could face up to 12 years in jail after being charged with fraud.

St Pierre, from Mount Nathan, appeared yesterday in the Southport Magistrate’s Court and was released on conditional bail.

The Bulletin understands he was not required to enter a plea and his case has been adjourned until July 6.

The former award-winning bank employee has been charged with seven counts of fraud for allegedly dishonestly inducing Westpac to deliver property valued at $2.5 million between August 2008 and July 2013.

The Commonwealth Director of Public Prosecutions is prosecuting the case after ASIC brought forward the charges.

ASIC in a statement yesterday indicated each count carried a maximum penalty of up to 12 years in jail, if convicted.

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

ASIC had conducted an investigation which focused on St Pierre and loans involving All About Property Developments, the real estate arm of the associated company, Capital Growth International Club Pty Ltd.

The Bulletin a month earlier in a special report revealed the Westpac developer case had blown out to $13 million in losses for investors.

A Coast-based investor, forced to rent after allegedly losing his $900,000 property portfolio, had lodged a fraud complaint with police after receiving advice from ASIC, the report said.

St Pierre did not respond to requests to comment yesterday but he has previously denied that he gave financial advice or recommendations in relation to the investment scheme.