ASIC Enforcement Action - Current News
27-8-08 ASIC Media Release - Sunshine Coast director fined for lodging false information with ASIC
Wednesday 27 August 2008
Mr Jon Paul Anthony McKay, a Sunshine Coast based builder, pleaded guilty and was sentenced in the Maroochydore Magistrates Court on Thursday 21 August 2008 in relation to one charge of lodging false information with ASIC.
28-7-08 ASIC Media Release - ASIC winds up 2 Townsville companies
ASIC has today obtained orders in the Supreme Court of Queensland to wind up two Townsville companies.
15-7-08 ASIC Media Release - ASIC ACTS AGAINST DIRECTORS OF FAILED COMPANIES
The Australian Securities and Investments Commission (ASIC) has disqualified a further six directors from managing corporations following their involvement in failed companies.
The disqualifications are part of ASIC's ongoing efforts to address phoenix activity and remove directors from the corporate environment who fail to fulfil their responsibilities to creditors, employees and companies in general.
In the 2007/08 financial year, ASIC disqualified 52 directors from managing corporations for periods totalling 175 years.
30-06-08 - ASIC Media Release - ASIC DISQUALIFIES FOUR DIRECTORS
The Australian Securities and Investments Commission (ASIC) disqualified four directors from managing corporations throughout May 2008. These disqualifications followed the directors' involvement in failed companies.
These disqualifications bring the total to 47 for the 07/08 financial year and reflect ASIC's commitment to addressing phoenix activity and removing directors from office who fail to fulfil their responsibilities.
ASIC's ability to tackle misconduct was enhanced by the introduction of the Assetless Administration Fund in October 2005, which allows ASIC to fund preliminary investigations by liquidators into failed companies with few or no assets.
27-6-08 ASIC Media Release -FORMER MELBOURNE DIRECTOR JAILED FOLLOWING ASIC INVESTIGATION
Mr Mark Andrew Cyril Stanley, of Melbourne, was today sentenced to five and a half years imprisonment after pleading guilty to stealing approximately $2.79 million from investors and misappropriating over $650,000 from a joint venture. Mr Stanley will serve a non-parole period of three and a half years.
20-6-08 ASIC Media Release - DAVID TWEED BANNING - AAT DECISION
The Australian Securities and Investments Commission (ASIC) notes the decision of the Administrative Appeals Tribunal (AAT) to set aside an order made by ASIC on 31 October 2006 permanently banning Mr David Tweed from providing financial services.
FORMER DIRECTOR JAILED ON ASIC CHARGES IN VICTORIA
Mr Michael Kosmos Damianos, of Bentleigh East, Victoria, was yesterday sentenced to jail after pleading guilty in the Melbourne County Court to obtaining a financial advantage by deception and false accounting, following an Australian Securities and Investments Commission (ASIC) investigation.
The man pleaded guilty to five charges of managing companies while disqualified because of insolvency and was sentenced to fines totalling $15,000 ($3,000 on each charge).
 ASIC targets Sydney lawyer for promoting alleged Phoenix Style transactions
The Australian Securities and Investments Commission (ASIC) has commenced civil proceedings in the New South Wales Supreme Court against North Sydney solicitor,
Mr Timothy Donald Somerville, and eight company directors over their involvement in alleged phoenix-style transactions.
Director pleads guilty to deception and false accounting
A director has today pleaded guilty to obtaining a financial advantage by deception and false accounting following an ASIC investigation.
The director used his postion to dishonestly make false representations to the Westpac Bank. The director had been disqualified as a director at the time of making the representations to Westpac.
The director had been involved with 2 or more companies in liquidation.
Former director of company in liquidation in court over ASIC charges
Following an ASIC investigation into a company in liquidation, its director is facing 11 charges of dishonestly using his position.
Court bans Sydney man following ASIC action
The Court has disqualified a director from managing corporations for 10 years following a successful application by the ASIC.
The director had been imprisoned and thus was automatically disqualified from managing corporations until 16 December 2008.
ASIC's Executive Director of Enforcement said "Individuals who continue to manage corporations or remain involved in making decisions that affect a business, while disqualified, are in serious breach of the law"
Adelaide Directors found guilty over debenture scheme
Directors of a company in liquidation have been found guilty of 44 charges arising from an investigation commenced by ASIC.
Money for Living director sentenced
The director of a company in liquidation has been sentenced to 12 months imprisonment for dishonestly using his position of the failed company.
This action clearly shows that ASIC will take action against company directors in breach of their responsibilities particularly where a company is in liquidation and the liquidators file reports recommending prosecution.
ASIC disqualifies 4 directors from managing corporations
ASIC has disqualified 4 directors involved in the insolvency and failure of six property development companies.
As a consequence of the liquidation of the six companies, ASIC has disqualified 4 directors from managing corporations for period ranging from 18 months to 5 years.
Sydney Liquidator fined $20,000 for contempt
Victorian company director appears on ASIC charges
Property Deveoper committed to stand charges on ASIC charges
Director Banned for 3 years and company wound up by ASIC
ASIC Disqualifies Queensland Director from managing corporations
ASIC accepts enforceable undertaking from Adelaide director
$13 million property development fundraiser wound up in insolvency
ASIC charged former director of failed company
ASIC imposes limited travel bans on Westpoint Directors
Director of a company in liquidation facing charges
Liquidator suspended for 9 months
ASIC takes Melbourne director to court
ASIC bans director for 3 years
Director faces ASIC charges of dishonestly using his position for personal advantage
ASICsucceeds in banning director for 8 years
ASIC has company placed into liquidation
ASIC charges man for acting as director whilst personally insolvent
