Fed Court decides on Allianz Metro contempt charges
The Federal Court has found defendants Eustace Senese, Cameron Senese and associated company Transcomm guilty of contempt charges brought by the Australian Securities and Investments Commission (ASIC) in proceedings concerning the operation of binary option trading websites.
The court held that the Seneses and Transcomm were guilty of contempt after they accessed and used other funds during August 2016 and February 2017 without authorisation of the court.
In the agreed proposed orders between the parties, Cameron admitted to 455 charges, Eustace 23 charges and Transcomm five charges.
The charges, which arose out of breaches of certain freezing orders made in the Federal Court proceedings, were dismissed against defendants Kalus Kenny Intelex, Allianz Metro and Cameron Senese’s associated company, Bianco, following a two-day contested trial.
The court found that, given Kalus Kenny was not bound by freezing orders, the corporate regulator had to established that the firm effected the five contested payments from the firm’s trust account while it acted for the Seneses and their associated companies, and knew them to contravene the orders.
AUTHOR
Anastasia Santoreneos
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