ASIC has disqualified Damian and Marie Dodds of Thornlands, Queensland, and Stephen Anderson of Capalaba, Queensland, from managing corporations.
Both Mr Dodds and Mr Anderson have been disqualified for 2 years and 6 months until 29 May 2021. Ms Dodds has been disqualified for an 18-month period until 29 May 2020.
The disqualifications follow the appointment of liquidators to OneCash; RPMZone; DSM; and All Breads; Reports revealed that the total amount owed to creditors exceeded $60 million across all four companies.
As a result of information contained in the liquidator reports, ASIC concluded that Mr Dodds had failed to ensure that OneCash had complied with record keeping obligations, failed to ensure OneCash, RPMZone and All Breads had paid taxes and failed to discharge his duty as a director of all three companies.
Ms Dodds was concluded to have failed those obligations with OneCash and All Breads; and Mr Anderson was found to have failed those obligations with OneCash, DSM, and All Breads.
Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for up to five years if, within a seven-year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about the company’s inability to pay its debts.
ASIC maintains a public register of banned and disqualified persons that provides information about people who have been disqualified from involvement in the management of a corporation; disqualified from auditing self-managed superannuation funds (SMSFs); or banned from practising in the financial services or credit industry.
Sydney director faces multiple dishonesty charges
Meanwhile, ASIC has launched separate legal proceedings against a former Sydney financial adviser, who has been charged with 20 dishonesty offences alleged to have been committed when he was a company director.
Daniel McSweeny ran financial services business, Wealth Achievers, with offices in Parramatta and Mosman. He appeared in the Downing Centre Local Court in Sydney today, ASIC said in a statement.
It said that, during the relevant period, Mr McSweeny was sole director of two trustee companies, Constantia Pty Ltd and Prettoria Pty Ltd (both in liquidation), which each held a bank account into which his clients’ funds, mostly superannuation savings, were transferred.
ASIC alleged that between 28 March 2011 and 24 December 2012, Mr McSweeny dishonestly transferred or directed others to transfer funds from those bank accounts for the benefit of himself or others.
The corporate regulator also alleged that between 21 and 29 May in 2012, Mr McSweeny directed an employee to construct a back-dated Statement of Advice which was given to an Australian financial services licensee, A.C.N 055 796 211 Limited (in liquidation) (formerly AFS Group Ltd) (AFS Group), in answer to an investigation it was conducting following a complaint by one of Mr McSweeny’s clients.
The matter was adjourned for further mention on 12 March 2019 at the Downing Centre Local Court, with the Commonwealth Director of Public Prosecutions prosecuting the matter.