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This Week In Penalties...8 November - 12 November

Friday 12 November 2021
The Federal Court has found that the technology company GetSwift made false and misleading statements to the Australian Securities Exchange(ASX) between February and December in 2017.

Bane Hunter, Joel Macdonald and Brett Eagle breached their director obligations for their involvement in disclosure beaches.

ASIC Deputy Chair Sarah Court said in an official statement, “Listed companies and their directors have obligations to the Australian market to ensure their statements are not misleading. Investors need to have accurate information at their disposal to make informed decisions.”

County Court  Victoria  has sentenced former Quantum Resources Avrohom Mordechai Kimelman to 18-months imprisonment for market manipulation and insider trading.

Australian Securities and Investments Commission (ASIC) Deputy Chair Sarah Court said in an official statement, “Insider trading and market manipulation impact the integrity of Australia’s financial markets. Mr Kimelman sought to manipulate Quantum’s share price and procured the acquisition of almost two million shares while possessing information not available to the market. This is serious misconduct that prevents Australia’s financial markets from operating fairly and transparently.”

Cap Coast Telecoms Former Director Richard Ludwig  is facing ten counts of breaching directors’ duties for illegally removing company assets to prevent credit access.

There will no appeal for Volkswagen AG.

This week the High Court dismissed their application to appeal $125 million penalty for their misleading claims around their compliance with diesel emission standards.
Australian Competition and Consumer Commission (ACCC) Chair Rod Sims said in an official statement this week, “This penalty reflects the seriousness of Volkswagen’s conduct and is a massive reminder for all businesses to take their obligations under the Australian Consumer Law seriously, and not mislead in pursuit of profit.”

Shaw Academy has agreed to refund 450 affected students after failing after allegations that Shaw Academy  made it difficult for students end their subscriptions for education platform.

Australian Competition and Consumer Commissioned (ACCC) Deputy Chair Delia Rickard said in an official statement this week, “It is important that businesses offering subscription services allow consumers to cancel with as much ease as it took to sign up, particularly when they offer a free trial.”