Australian Securities and Investments Commission v Cassimatis (No 9)  FCA 385 Federal Court of Australia.
Dowsett J Corporations – Court found respondents contravened s180(1) Corporations Act 2001 (Cth) and that no criminal conduct proven.
ASIC sought declarations concerning contraventions, pecuniary penalties, disqualification orders and orders to restrain respondents from holding Australian Financial Services Licence or providing financial services.
Respondents sought that only declarations concerning contraventions be made – ‘inappropriate financial advice’ seriousness of contraventions – deterrence – capacity to pay pecuniary penalty – hardship prejudice – public interest’s protection.
held: declarations, pecuniary penalties and disqualification orders made – injunctive relief refused.
Legislation : s180(1) Corporations Act 2001 (Cth) –
CORPORATIONS ACT 2001 - SECT 180 Care and diligence--civil obligation only
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