The following story is reproduced by kind permission of ASIC
'This initiative has been made possible by increased budget funding for ASIC's enforcement activity in the 2002 Commonwealth budget', Mr. Knott said.
Since 1 July 2002, we have prosecuted 112 individuals and 7 companies who have breached their duties and obligations under the Corporations Act. The prosecutions have occurred in Local and Magistrates Courts.
Those prosecuted have been required to pay a total of $149,794.05 in fines and costs.
Our actions covered a broad spectrum of corporate misconduct, most notably:
We also obtained eight court directions for officers of failed companies to provide liquidators with reports, books and records relating to the affairs of the entity.
Another 65 individuals and companies are currently facing 113 similar ASIC charges, while another 152 like matters are being investigated.
For a schedule of the matters prosecuted, visit the ASIC website www.asic.gov.au. The schedule will be updated each month.