The Australian Securities and Investments Commission imposed new criminal charges against Laurie Emini, the former managing director of Opes Prime Securities Limited.

The corporate regulator laid the charges against Mr. Emini over allegedly falsifying records of clients' accounts over more than 18 months. ASIC is investigating the spectacular collapse of Opes Prime in March 2008 with debts of more than $A600 million.

The Australian Securities and Investments Commission laid 22 new criminal charges against Mr. Emini. ASIC revealed the new charges after a preliminary hearing in the Melbourne Magistrates’ Court today.

Mr. Emini appeared in the Court along with fellow Opes directors Julian Smith and Anthony Blumberg. ASIC said that most of the newly imposed charges concern events in January and February 2008.

ASIC alleges that Mr. Emini had falsely recorded shares and other securities worth around $A50 million in the books of Opes Prime Securities Limited and Leveraged Capital so that the same securities appeared to be held by more than one client. ASIC also alleges Mr. Emini committed multiple breaches of sections of the Corporations Act. ASIC said that the records of the companies inaccurately represented their financial positions due to the false entries.

However, the court has extended the bail conditions for Mr. Emini, Mr. Smith and Mr. Blumberg and ordered to attend committal proceedings listed for February 28, 2011.