A former Dollarforce director has been sentenced to jail for his involvement in the firm's collapse in 2009.

A former Dollarforce director has been sentenced to jail for his involvement in the firm's collapse in 2009.

[tag|Clestus Weerappah|]Clestus Weerappah[/tag], ex-director of collapsed property firm [tag|Dollarforce Financial Services|]Dollarforce Financial Services[/tag] has been jailed for four years after pleading guilty to the five charges of dishonesty relating to the raising for more than A$4 million from investors. The company shut down in 2009 with a deficiency of A$24 million, with investors losing more than A$8 million.

"The custodial sentence handed to Weerappah sends a clear message to corporate Australia that ASIC, the community and the courts will not tolerate criminal behavious against the interests of investors," said the [tag|Greg Tanzer|]Greg Tanzer[/tag], commissioner for the Australian Securities and Investments Commission, in a statement. 

James Stephen Lewis, a second director of a related entity has also been convicted of one charge over the collapse. Lewis pleaded not guilty to five other charges. He will be sentenced on 4 October 2013.