The Queensland Court of Criminal Appeal has today allowed the appeal of Mr Piet Cornelius Walters against his conviction. The Court set aside the conviction and ordered a new trial.

Mr Walters was sentenced in the Cairns District Court, on 16 September 2006, to eight years imprisonment, after being found guilty of 14 charges of dishonesty in relation to the provision of financial services to clients of Drury Management Pty Ltd.

Mr Walters remains in custody in respect of extradition proceedings relating to 26 counts of theft and 25 counts of fraud, allegedly committed by Mr Walters in Canada, under the name of Mr Fred Siebolt Hofman.