Non-compliant director of RE fined $10,000
A man who was the founder and former director of a company which was the responsible entity for two managed investment schemes has been fined $10,000 for failing to assist the liquidator appointed to his three companies.
The Australian Securities and Investments Commission (ASIC) said the man, Mark McIvor, had been the founder and director of Gold Coast-based Equititrust Limited.
The regulator said McIvor, of the Gold Coast, had been found guilty in the Brisbane Magistrates Court following six charges laid by ASIC for failing to provide a Report as to Affairs and deliver books and records to the liquidators of Chevron Capital Pty Ltd, MHSM Holdings Pty Ltd and SM Capital Pty Ltd within 14 days of the winding up order for each company.
Commenting on the conviction, ASIC commissioner, Greg Tanzer said McIvor's conviction was one of 143 criminal actions taken by ASIC over the past six months against directors of proprietary limited companies who had breached their obligations under the Corporations Act 2001.
Equititrust Limited was the responsible entity of two managed investment schemes which were wound up in 2011 and 2012, owing approximately $200 million to 1600 investors.
Recommended for you
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.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
