Following an ASIC investigation, former Westpac home finance manager David St Pierre, has been sentenced to three years imprisonment for dishonestly using his position to gain an advantage for himself or others.In Queensland's Southport District Court, ASIC alleged that between July 2008 and June 2010, St Pierre submitted loan applications, knowing they contained false information and false documents. In this manner, St Pierre obtained over A$2.5 million for Westpac customers - funds which were then  invested in a now failed Tasmanian property development scheme, operated by Capital Growth International Club Pty Ltd and All About Property Developments Pty Ltd.According to an ASIC media release, the regulator found that the customers to whom the loan applications related were elderly and vulnerable and with limited financial means. In in spite of this, Mr St Pierre encouraged them to borrow against their homes, some of which were unencumbered, to invest with CGIC and AAPD, promising returns of 12 to 20 per cent per annum.  In delivering the sentence, Judge Kent observed that St Pierre's behaviour was accurately described as calculated, elaborate, determined and not a fleeting mistake.The customers received monthly interest payments from CGIC and AAPD after they invested, but the interest payments stopped shortly before a liquidator was appointed on 28 February 2011.  This left customers without sufficient income to repay their loans to Westpac.ASIC'S investigations into CGIC, AAPD and its officers are ongoing.