This Week In Penalties...

February 14, 2019

 

 

 

ASIC

 

Minimum of 9 months for insider trading

 

The Australian Securities and Investments Commission (ASIC) said earlier this week that former Golden Fields Resources managing Director Darren James Lind was found guilty of two counts insider trading in shares from mining exploration company Minotaur exploration.

He was sentenced to 18 months in prison with the custodial minimum of nine months.

 

 

Macquarie Advisers sentences reduced

Former Macquarie advisers Mark Landau and Marcus Campbell have had their 10-year ban from financial advice reduced to 18 months.

 

The Australian Securities and Investments Commission (ASIC) said that they are considering the decision of the Administrative Appeals Tribunal (AAT) took into consideration that ‘Landau and Mr. Campbell’s clients, nor Macquarie, suffered loss, the misconduct involved isolated acts and was not for personal gain.’

 

The regulator said that the AAT was satisfied that they would not engage in that misconduct again.

 

 

 

18 months for FX Trader

Andrew Donaldson’s 18-month sentence was suspended on the condition of ‘being of good behaviour o two years’ and having to pay a penalty of $10, 000.

 

His sentence was due to him pleading guilty to falsifying entries in Deutsche Bank internal systems.

 

Disclosure Obligation Breach                                                 

The Australian Securities and Investment Commission (ASIC) said that the ASX listed Byte Power Group paid $ 33, 000 in penalties for failing to meet their disclosure obligations.

 

The corporate regulator alleges that the company failed to tell the ASX that the proposed cryptocurrency exchange would not be tested before the end of the year.

 

The regulator has placed restrictions on the group’s ability to raise capital without using a full form prospectus. 

 

 

 

ACCC

 

False and Misleading

Geowash has been prosecuted by the Federal Court for false and misleading statements and breaching the franchising code of conduct and second case in 2019 for the breach of the franchising code.

 

The Australian Competition and Consumer Commission (ACCC) said that the court found that:

 

  • suggesting that prospective franchisees could make monthly average revenue of $70,216 and a gross average profit of $30,439 when it had no reasonable basis for this claim; and

  • representing that it had a commercial relationship or affiliation with major corporate entities including Nissan, Kia, Renault, Audi, Emirates, Shell, Hertz, Holden, Ikea, and Thrifty, when it did not.

 

 

 

Please reload

Suggested Posts
Please reload

Tags
Please reload

©2018-2019 by The GRC Institute - Governance, Risk & Compliance.  ABN: 42862119377