Jakob Hans Jost was sentenced today to a maximum of 54 months imprisonment and fined $7,000, following his conviction for operating an unauthorised bank in Australia and related matters.
Graeme Thompson, Chief Executive Officer of the Australian Prudential Regulation Authority (APRA), said that Jost operated a deposit-taking business known as Eagle Bank in the 1990s and used the proceeds for a property development.
It is a criminal offence to conduct banking business in Australia without being authorised under the Banking Act. That authorisation must be obtained from APRA.
Mr Thompson said today that this conviction is a timely reminder that people should only deal with APRA-authorised banks. If in doubt, they should consult with APRA or refer to the website (http://www.apra.gov.au/ADI). "APRA will continue to take action to protect the banking public against persons or entities who imply they are authorised banks, to protect the integrity of the Australian banking system," Mr. Thompson said.
For further information contact:
Gloria Peterson
Public Affairs Manager
02 9210 3385 or 0419 250 286
