Opes Prime directors plead guilty
Former directors of now insolvent Opes Prime Stockbroking Lirim Emini and Anthony Blumberg have pleaded guilty to charges relating to the collapse of the firm in 2008.
The two directors officially entered a guilty plea after breaching their duties as company directors. The collapse of the firm left over $630 million owed to creditors.
Mr Emini admitted to using his position of director of Leveraged Capital Ltd to gain an advantage for himself, after which he transferred around $100 million worth of securities between Opes Prime and Leveraged Capital over the July 2006 to February 2008 period.
Mr Blumberg was charged with using his position dishonestly with the intention of gaining advantage for himself or someone else.
The third case of fellow Opes Prime director Julian Smith was adjourned for trial on April 2012.