PRINCIPAL Magistrate Felix Hollison will deliver the sentence of Charles Dora, One Link Pacifica’s boss who operated the money investment scheme without a license, on October 8.
This followed the sentencing submissions and mitigation made by the prosecution and the defence counsel yesterday morning.
Having heard from both counsels, Mr Hollison adjourned the matter to October 8 for the sentence.
Public Prosecutor Vernon Taupongi had asked the court to consider the aggravating features on this case.
He also submitted that the total amount of money Dora collected during the operation of the scheme reflects the seriousness of the offence.
He added that in informal or formal investments, there are rules and laws to safeguard the banking business.
He submits that the maximum penalty should be at starting point of this offence given the nature of this offence compared to a past case.
The maximum penalty for this offence is a fine not exceeding $3,000 or an imprisonment term not exceeding three years.
Dora’s lawyer on the other hand is asking court to consider Dora’s personal circumstances, his early guilty plea and his cooperation with the police at the time of his arrest.
Deputy Public Solicitor, Martha Manaka also submitted that Dora’s intention as an elder in his community was to try and help generate income for people in his community.
“People like my client is trying to engage community participation in generating incoming to support the community.”
Ms Manaka said she sighted a law reform paper on which she asked the court to have a look at.
She said it is on how to help around the ideas of our local people in relation on how they want to administer activities that generate income except that the current law is not open enough to accommodate such idea.
She further submitted that Dora is trying to be part of the informal income.
She said the scheme’s customers did benefit from the scheme but added that what Dora does was not legal as he had breached the Financial Constitution Act.
Mr Dora had pleaded guilty to one count of operating unlicensed banking business, a charge laid under the Financial Institution Act (FIA).
This was for registering and operating the money investment scheme without a bank’s license.
He was initially charged with two counts of the charges but one of the counts was previously withdrawn due to a “plea deal” between Dora’s lawyer and the prosecution.
The scheme’s operator registered “One Link Pacifica” at the Company Haus on 4 July 2019.
The essence of the scheme is that investors give money towards the company on promise there will be higher return after 30 days of investment.
Dora having registered the money investment scheme then continues on to operate it without obtaining a license to operate a bank from 4 July 2019 until 30 March 2020.
Dora was said to have three bank accounts with Pan Oceanic Bank, ANZ and Bank of South Pacific during the operation of the scheme.
A number of agents (mentors) were recruited by him for people to come along and invest their money through them.
The money he obtained from individual investors on separate occasions ranged from $250 to $95,750.
Between December 2019 and March 2020 customers or investors did not received any form of payment as promised by the accused.
The total amount of money relieved by the business from the period it started to the time it ends totaled to about $56,440, 475.
That amount has not been recovered to date.
Police arrested Dora on June 1 this year at his residence in Russell Islands, Central Province.
Deputy Public Solicitor Martha Manaka represents Dora while Public Prosecutor Vernon Taupongi is prosecuting.
By ASSUMPTA BUCHANAN
Newsroom, Honiara
