'Bank' boss David Robert Siminton loses appeal
Gov CCA
'Bank' boss David Robert Siminton loses appeal
May 31, 2008 12:00am
A SELF-proclaimed Melbourne suburban "governor" who ran an unauthorised bank has lost his appeal against a 12-month jail term - but will remain at liberty for at least the next six days.
David Robert Siminton yesterday won a reprieve after indicating he will now seek leave to appeal to the High Court.
Siminton, of Nar Nar Goon, described himself on his website as the "Governor of the Principality of Camside" and the "State of Sherwood" in South Yarra.
According to the site, Camside considered itself Australia's only legal government.
It is believed more than 100 depositors handed over more than $5 million to Siminton's "bank" known as "Terra Nova Cache", which promised returns of up to 50 per cent or more a year.
The Australian Prudential Regulation Authority had Siminton's assets frozen after it learned the bankrupt businessman had advertised "the bank" on the internet and at public meetings.
In November last year, he was sentenced to 16 months in prison after being found guilty of two contempt of court charges in the Federal Court.
Justice Richard Tracey sentenced him to 12 months' jail after he found Siminton had repeatedly attempted to withdraw and transfer money frozen by the court, describing his actions as "deliberate, calculated and disguised".
A full bench of the Federal Court yesterday rejected Siminton's appeal against this decision.
The three judges also dismissed his appeal against orders restraining him from conducting a banking business and appointing a receiver to retrieve money for depositors.
A third appeal, against a four-month jail sentence relating to his failure to pay a fine, was allowed.
Siminton's lawyer David Sharp sought a stay on the execution of a warrant for his client's imprisonment. He told the court he had been instructed to apply to the High Court for leave to appeal.
Justice Jeffrey Spender, on behalf of the full bench, adjourned the matter until next Thursday, and stayed the execution of an imprisonment warrant until then.
