Two directors of failed stockbroking firm Opes Prime pleaded guilty yesterday to charges of obtaining an advantage by deception.Lirim Emini, the former chief executive of Opes Prime Stockbroking, and Anthony Blumberg, another director, entered the pleas at a hearing in the Supreme Court of Victoria. The Australian reported on the agreed statement of facts presented to the court at the hearing, which recounts key events leading up to the demise of Opes Prime, in March 2008.ANZ was Opes Prime's major creditor at the time and increased loans to the group in the days leading up to the appointment of the administrators.The article in The Australian covers details of a joint venture deal between a company jointly owned by Emini and another Opes director, Julian Smith, and the firm's key client, Sydney lawyer Chris Murphy. Opes imposed no margin requirement on this trading.While profitable at times, in 2006, Opes began to transfer stock owned by other clients (most of it belonging to one client, mining investor Norm Seckold) into the joint venture company.As losses mounted, in early 2008, Seckold moved to reclaim his stock, putting in place the chain of events leading to the collapse of the firm.Separate charges are pending against Julian Smith.