The banks and bankers are defending the charges and have denied the allegations.
Justice Michael Wigney said in December it was “intolerable” for serious criminal charges to be “hanging over the heads” of the individual bankers for more than two years and called on the CDPP to file an indictment early this year.
Now the indictment has been filed, a criminal trial may proceed to a Federal Court hearing at a date that has yet to be set. Each charge carries a maximum jail term of 10 years, fines of up to $420,000 or both if they are found guilty.
If the banks are found guilty, the maximum penalty is the greater of three amounts – $10 million, three times the value of benefits obtained from the offence, or 10 per cent of the…
