ASIC bans WA director for five years

ASIC has disqualified Mr Mark Travis Goldenberg of West Leederville, Western Australia, from managing corporations for five years.

Mr Goldenberg’s disqualification followed an ASIC investigation into his role in four failed companies, Mortimer Close Pty Ltd (Mortimer Close), Terra Firma Capital Pty Ltd (Terra Firma), Concentric Private Wealth Management Pty Ltd and Concentric Accounting Pty Ltd. These companies were placed into liquidation between 7 October 2008 and 12 March 2009.

Mr Goldenberg was also a director of Concentric Financial Planning Pty Ltd, which is currently in liquidation, and Concentric Wealth Management Pty Ltd (CWM), to which receivers were appointed.

ASIC found that Mr Goldenberg failed to understand the role and duties of a director, or failed to perform adequately his duties as director having regard to:

• the size of deficiencies in the companies at the time of liquidations
• the value of outstanding liabilities including the failure to pay taxation debts
• the lack of proper records
• poor management of the companies by Mr Goldenberg.

Mr Goldenberg has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background
On 26 September 2008, ASIC suspended the Australian Financial Services (AFS) Licence of CWM following the appointment of a receiver and manager. Mr Goldenberg was CWM’s sole director.

On 12 March 2009, the Federal Court ordered the appointment of a liquidator to Mortimer Close. Mr Goldenberg was Mortimer Close’s sole director.

On 19 May 2009, ASIC permanently banned Mr Goldenberg from providing financial services, and cancelled the AFS licence of CWM. Mr Goldenberg was formerly employed as an authorised representative of CWM.

ASIC’s investigation into Mortimer Close and Mr Goldenberg is continuing.