Clestus Weerappah, a former director of Dollarforce Financial Services Pty Ltd (DFS), has been jailed for four years over his role in the collapse of the property development group. Dollarforce collapsed in 2009 with a deficiency of $24 million with investors losing more than $8 million. Mr Weerappah pleaded guilty of five charges including dishonestly using his position as a director and making false and misleading statements. In addition to his prison sentence, the court also ordered Mr Weerappah to repay $3.7 million to a number of investors.

A second director and accountant by occupation, James Stephen Lewis, was found guilty of making a false or misleading statement or omission in a prospectus lodged with ASIC. Mr Lewis will be sentenced at a later date.