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15 Oct 2020 ASIC updates

Former financial adviser sentenced to eight years’ imprisonment

On 2 October 2020, Mr Anthony Vivian Dick, a former Townsville financial adviser, was sentenced to eight years’ imprisonment with a non-parole period of two years and eight months.  

The conviction follows an ASIC investigation that revealed between March 2006 and December 2017, Mr Dick accessed and transferred around $1.1 million from his clients’ superannuation, pension and personal savings accounts.

Read more here

ASIC bans former property developer from managing corporations for five years

ASIC has disqualified Mr Michael David Steele, of Murwillumbah New South Wales, from managing corporations for the maximum period of five years.

Mr Steele was an officer of two corporations, Eastco Developments Pty Ltd (Eastco) and EA Invest Pty Ltd (EA Invest).

ASIC’s investigation found that Mr Steele:

  • Attested in an affidavit that he and another individual managed Eastco despite not being a listed director. 
  • Failed to lodge documents such as BAS and income tax returns with the Australian Taxation Office. 
  • Allowed Eastco to enter into 12 loan agreements totalling over $2.1 million in circumstances where it was uncertain whether the company would receive approvals to complete a development project. 
  • Had no intention of returning the funds received by investors once he became aware that Eastco would not receive the required approvals.
  • Allowed EA Invest to enter into 22 loan agreements totalling over $2.4 million and failed to invest money as promised. 
  • Transferred investor funds into his personal bank accounts and used investor funds for personal expenses

Read more here

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