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This Week in Penalties…

Directors breached their duties

The Australian Securities and Investments Commission (ASIC) said that following an investigation they found that Richard Ludwig, Stephen O’Neill, and John Narramore removed $743, 050 from a company that was wound up liquidation.

The regulator said that Ludwig has been charged with 10 counts of dealing with proceeds of crime worth 100, 000, while the O’Neill and the Narramore have been charged with only one count of dealing with proceeds of crime worth $100,000.

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