Director banned for three years
A Sydney director has been banned for three years after an Australian Securities and Investments Commission (ASIC) investigation found he was unfit to engage in credit activities.
The banning of Harold Charles Bundy — which took effect from 17 December 2012 — accompanies the suspension of the Australian credit licence of his company Ezymanagement until 30 June 2013.
Following a review of Ezymanagement's licence application, the regulator found that Bundy:
• failed to discharge his duties as a company director with appropriate care and diligence, and in the best interests of SDX Technology, of which he was a director between 1999-2006, and Ezyware (director between 2008-10);
• had been involved in negligent or otherwise discreditable business or professional practices with Ezyware between 2005-10;
• Opened a bank account in his own name around 2008, and received money payable to Ezyware with the intention of avoiding garnishee orders against the company;
• had been a director and/or substantially involved in the management of seven companies that between 1992 and 2009 had entered into external administration and;
• had been a director of a further two companies which were deregistered in 1992 and 2006, respectively.
According to ASIC, Ezyware failed to lodge any tax returns since its incorporation in January 2005, and Bundy continued to trade with the company when he knew, or should have been aware, that from at least April 2008, the business was insolvent.
Bundy and Ezymanagement filed applications for a stay and review of ASIC's decisions in the Administrative Appeals Tribunal (AAT).
On 4 February 2013, the AAT refused the application. It has not yet set a date for its review of the regulator's decision.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
