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This week in Penalties 25 October – 29 October

Friday 29 October 2021

Former Director Ross Dunkley been sentenced to community correction order for the three counts of dishonestly using his position for personal advantage. 
The Australian Securities and Investments Commission (ASIC) charged former director of Knight & Day Eating Timothy Lee Knight for misleading statement to the regulator of having no outstanding liabilities. 

 The Australian Securities and Investments Commission (ASIC) has started civil penalty proceedings against Freedom Insurance former director Keith Cohen and former Quality Control Manager Robert Oyada for their involvement in conflicted remuneration and other sales incentives. 

The misconduct involved sales agents qualifying for overseas holidays or getting a vespa scooter if they hit certain sales targets, which meant the conduct was driven by incentives rather than by customer needs. 
Cartel Conduct
First Class Slate Roofing, RAD Roofing Specialists, and their sole directors Damian Hand and Scott Barton for alleged cartel conduct. 

The Australian Competition and Consumer Commission (ACCC) said in an official statement, “It is alleged that the purpose of the bid rigging was to increase the likelihood that First Class would win a tender for supplying Wesley College in exchange for a cash payment from First Class to Mr Shingles. First Class ultimately won the Wesley College tender.”

Alkaloids of Australia Former export manager Christopher Kenneth Joyce pleaded guilty to conduct related to price fixing, bid rigging and market allocation cartel arrangements between other companies and ‘other overseas companies the Australian Competition and Consumer Commission (ACCC).
AA Machinery to pay 220,000 in fines for making misleading representations to customers about the warranties and after-sales services. 

ACCC Chair Rod Sims said in an official statement, “The ACCC took court action after it received complaints from consumers who had experienced multiple significant failures with their tractors, such as faulty hydraulics, brakes failing and parts such as wheels falling off.”

The Commonwealth Bank of Australia has plead guilty to 30 counts of false and misleading representations CreditCard Plus Loan Protection.

ASIC Deputy Chair Sarah Court said in an official statement this week, “ASIC has been concerned about the consumer harms associated with add-on insurance for some time. ASIC pursued a criminal case against CBA after it was clear customers had been sold insurance that they had no use for.”

Former director Phillip Rpyce has been banned from managing corporations for two and half years for his involvement in three failed companies