The Australian Prudential Regulation Authority (APRA) is advertising in newspapers nationally seeking information from members of the public who have deposited money with Mr David Robert Siminton, Terra Nova Cache or the Principality of Camside.

The advertising campaign follows APRA commencing proceedings in the Federal Court alleging that Mr David Robert Siminton has been conducting an unauthorised bank called Terra Nova Cache since approximately January 2004.

Information received by APRA suggests that Mr Siminton, who is an undischarged bankrupt, received in excess of $5 million from members of the public and that he has also lost substantial amounts of money since 2004. 

APRA Deputy Chairman, Mr Ross Jones, said that APRA had decided to take the unusual step of advertising nationally to provide every opportunity for members of the public to come forward.

"Depositors in an unauthorised bank cannot enjoy the same level of protection as depositors with an APRA-regulated bank. However, subject to the outcome of Court proceedings, APRA is seeking to provide an environment where remaining funds can eventually be returned to depositors," he said.

In a unanimous decision on 19 July 2006, the Full Federal Court in Melbourne upheld Mr Siminton's conviction for criminal contempt of court for trying to withdraw or transfer over $600,000 of funds frozen by the court in December 2005 to protect the interests of depositors in his 'Terra Nova Cache'. The Court ordered that Siminton pay a $50,000 fine to the Court within 60 days.

Mr Siminton was also ordered to pay a penalty of $5,000 for failing to place warning signs on the website for Terra Nova Cache to make it clear that Terra Nova Cache is not an authorised bank.

Members of the public who have information about or who have deposited money with Siminton, Terra Nova Cache or the Principality of Camside are invited to contact APRA on 1300 131060 or email APRA on contactapra@apra.gov.au

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $2.2 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.

Media and industry inquiries only:
Stuart Snell, Head of Public Affairs
Australian Prudential Regulation Authority
Telephone: 02 9210 3384
Mobile: 0407 250 276

All other inquiries:
APRA Contact Centre
1300 131 060