LandMark White declare fraudulent activity with its ASX share sale

LandMark White declare fraudulent activity with its ASX share sale
LandMark White declare fraudulent activity with its ASX share sale

The ASX share scrip of the valuation company LandMark White has been the victim of fraudulent sales activity.

The company happened across the fraud when 36,000 shares were advised as sold by the company's CEO Brad Piltz.

Greg White, the company chairman, quickly told the ASX the $21,000 sale of the shares was not what it seemed.

An unknown fraudster instructed the brokerage for the sale of Piltz's shares and into a new bank account.

When the sale and fraud was detected, the company broker immediately bought 36,000 shares to offset the sale.

Piltz's shareholding had been on the increase with $200,000 in shares bought in November and December and a further $42,000 this year.

Last year the Gandel family emerged as a substantial shareholder in LandMark White.

In May LandMark White bought MVS National for $16 million.

LMW has around $60 million in gross annual revenues.

It recently has been hit with at least eight valuers leaving including three directors.

It lost several valuers to rival Charter Keck Cramer which has established a Brisbane office.

Led by director Andrew Binney, they include director Michael McClifty and residential development valuer and director Shaun Golden, trade press suggested.

 

Tags: 
Fraud Asx

Comments

Be the first one to comment on this article
What would you like to say about this project?