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This week in Penalties…

Australian Securities and Investments Commission

Poor conduct

Earlier this month, the corporate regulator filed an application with the Federal Court seeking an inquiry into the conduct of Jason Bettles, a registered liquidator and Partner at Worrells Solvency and Accounting in Queensland.

ASIC is looking at Bettles’ administration of the Members Alliance Group of companies between 2016 and 2017. The regulator is concerned that Bettles:

  • failed to maintain independence;

  • did not exercise the degree of care and diligence required of a liquidator; and

  • failed to discharge his obligations as a liquidator.

Money laundering

Earlier this week, the corporate regulator announced that pre-insolvency advisor John Narramore has been sentenced to four-and-a-half years in prison after pleading guilty to a charge of ‘dealing in the proceeds of crime’.

John Narramore, together with Stephen O’Neill from SME’s R US, advised Richard Ludwig, former Director of Cap Coast Telecoms, to engage in the illegal removal of company assets to prevent creditors from having to access these assets.

“ASIC condemns any money laundering by individuals. When a company is about to be wound up, creditors should be entitled to access the assets as a means of being paid what is owed to them,” said ASIC Commissioner John Price.

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