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Monday 1 June 2015

15-137MR Former Westpac Bank Finance Manager faces charges over $2.5 million fraud

David St Pierre, a former Westpac Home Finance Manager, has appeared in the Southport Magistrates Court on fraud charges brought by ASIC.

Mr St Pierre, of Mt Nathan, Queensland, has been charged with seven counts of dishonestly inducing Westpac Banking Corporation (Westpac) to deliver property in the amount of approximately $2.5 million between August 2008 and July 2013.

The charges against Mr St Pierre carry a maximum penalty of up to 12 years jail on each charge.

Mr St Pierre was released on conditional bail. The matter will return to Southport Magistrates Court on 6 July 2015.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.


In March 2014, ASIC permanently banned Mr St Pierre from engaging in credit activities and providing financial services (refer: 14-043MR).

During his employment at Westpac, Mr St Pierre had involvement in providing loans to All About Property Developments Pty Ltd (AAPD), the real estate arm of an associated company, Capital Growth International Club Pty Ltd (CGIC).

Westpac are working to ensure affected customers are appropriately compensated (refer: 14-264MR).

ASIC’s investigations are ongoing.

Editor's note 1:

On 6 July 2015 the matter was adjourned to 10 August 2015.

Editor's note 2:

On 10 August 2015, the matter was adjourned to 19 October 2015.

Editor's note 3:

On 19 October 2015, the matter was listed for committal hearing on 7 December 2015.

Editor's note 4:

On 7 December 2015, the matter was listed for committal hearing on 18 January 2016.

Editor's note 5:
At the committal hearing on 18 January 2016, Mr St Pierre was committed on all charges on a date to be fixed.

Editor's note 6:

On Wednesday 13th July 2016, Mr St Pierre was indicted on all seven charges. The matter is listed as a three week reserve trial commencing 7 November 2016.

Editor's note 7:

On 2 November 2016, Mr St Pierre entered a plea of guilty on three charges against s184 of the Corporations Act. Mr St Pierre's sentence is listed for 16 December 2016.

Editor's note 8:

At a mention on 25 November 2016, the sentencing of Mr St Pierre was adjourned until 8 February 2017.

Last updated: 18/01/2016 12:00