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Opes Prime head flags guilty plea February 28, 2011 - 12:59PM

A former director of failed stock-lender Opes Prime has been committed to stand trial on criminal charges stemming from its collapse.

Lirim (Laurie) Emini, 47, of Templestowe in Victoria, has pleaded not guilty to 26 counts arising from an Australian Securities and Investments Commission (ASIC) investigation of the Opes Prime collapse.

During a pre-trial committal hearing in the Melbourne Magistrates Court today Emini indicated through his legal team that he may plead guilty to an appropriately amended set of charges.

Advertisement: Story continues below Emini was bailed on his own undertaking and ordered to appear at the Victorian Supreme Court for a pre-trial directions hearing on March 21.

Two other former Opes Prime directors - Julian Smith, 47, of Newport in NSW, and Anthony Blumberg, 42, of Cheltenham in Victoria - also appeared in the same court on Monday.

All three former directors are charged with breaching their duties as directors of Opes Prime Stockbroking Ltd (OPSL), and two of breaching these duties at Opes Prime Group Ltd (OPGL).

Emini also is charged with breaching his duties as a director of Leveraged Capital Pty Ltd.

Each offence carries a maximum penalty of five years in jail.

Blumberg's legal team has asked magistrate Luisa Bazzani for more time to negotiate with the prosecution, with a view of a possible guilty plea.

His committal hearing has been adjourned and he will return to the same court on March 11.

Mr Smith's committal has been adjourned until March 7.

The trio have each been bailed on their own undertaking.

Opes Prime, which specialised in the borrowing and lending of securities, collapsed in March 2008 after cash and stock movement irregularities allegedly were uncovered in a small number of accounts.

It had more than 650 active client accounts and creditors were owed about $630 million when OPSL collapsed.

PT should be with this mob!