Antonio Stella indicted on insider trading – March 7, 202
Antonio Stella has been indicted on two counts of insider trading relating to allegedly selling shares in Cann Group Limited in July 2021 while in possession of inside information about an upcoming share placement.
Stella sold 2,561,286 shares in Cann Group Limited, and then reacquired 2,090,909 shares through the share placement – which resulted in a profit of A$204,490.90 ($129,141) and further loss avoidance of A$20,986.34 ($13,253).
A plea hearing is listed for October 1.
Harris John Kohu Shortland banned for seven years – March 7, 2025
Former financial adviser Harris Shortland has been banned for seven years from working in the financial service market following his conviction in 2021 of supplying and selling dangerous drugs.
Andrew Bodnar banned for six and a half years – March 6, 2025
The NSW-based property developer Andrew Bodnar has been banned for six and a half years from working within financial services after being found not a fit and proper person to work in the industry, and one likely to breach a financial services law.
The ban follows an investigation into the Kingdom Developments Group which collapsed in early 2023. It was also found that neither the company nor Bodnar held an AFS licence or were authorized to provide financial services.
Bodnar was also offering securities without the required disclosure document, and involved in some of the special purpose vehicles engaging in misleading and deceptive conduct connected to using and repaying investor funds.
“Bodnar failed to meet this obligation and, as a consequence, has demonstrated he is not a fit and proper person to engage in financial services in the future.”
Chris Savundra, Executive Director of Enforcement, ASIC
Bodnar is also an undischarged bankrupt, which is a stand-alone basis for a financial services ban.
Brendan Gunn charged for dealing with suspected proceeds of crime – March 5, 2025
Brendan Gunn, director of Mormarkets Pty Ltd, has been charged with one offence of dealing with money or other property that were suspected proceeds of crime of A$100,000 ($62,921) or more – a breach of section 400.9.(1) to the Criminal Code.
The alleged offence took place around March-May 2020, where he dealt with two bank cheques that contained proceeds of four investment amounts totalling A$181,000 ($113,902). These were made by three victim investors who deposited funds for conversion to cryptocurrency.
Court updates
Former Irexchange executives charged – March 4, 2025
Three former Irexchange Limited executives have been charged with breaches of the Corporations Act by the Downing Centre Local Court, for offences occurring between July 20, 2018, and February 14, 2019.
Brett Charlton, former CEO, and Brett Coventry, former CFO, were charged with one count of providing false or misleading information to ASIC – a violation of section 1308(2) of the Corporations Act.
Anand Sundaraj, former Company Secretary and Legal Advisor, was charged with:
- two counts of providing false or misleading information to shareholders and the Australian Securities Exchange – also violating section 1308(2);
- one count of making a false or misleading statement to ASIC – a breach of section 1309(1); and
- one count of aiding and abetting the offences Charlton and Coventry are charged with.
Sentences will fall later.
ASIC news week 10
Steps to take if you are affected by Cyclone Alfred
When a natural disaster happens, focus on safety, ASIC says. The Commission also lists these priorities to take:
- Follow instructions and advice from local authorities and emergency services.
- Only return to your property when it’s safe to do so – then assess the damage and take photos or videos of it to provide to the insurer.
- Discuss all repairs with the insurer before taking action.
- Keep receipts of essential items that have been replaced.
Other tips include to contact insurers or brokers early to make claims, and always ask if something is unclear during the claims process.
“Speak to your insurer early and often. Insurers may be able to provide you with emergency accommodation, financial support and other information and services assistance,” said ASIC Commissioner Alan Kirkland.
Also contact lenders if you are having trouble repaying debts.
It is also important to be aware of scams, especially in times of crisis when scammers seek to exploit vulnerable people.
“Be wary of anyone who asks for payment up-front or who asks you to sign a contract immediately. Do not agree to sign anything that prevents you from dealing directly with your insurer or broker,” Kirkland added.
Updated guidance on treatment of student loan commitments
Following requests and consultation, ASIC has now updated Regulatory Guide 209 Credit licensing: Responsible lending conduct for banks and lenders. The updates include clarification on how the Higher Education Loan Program (HELP) and other student loan commitments could be reviewed when banks and lenders assess if a consumer can afford to take on new credit.
It also acknowledges that HELP debts are differ from other dept types because they are repaid by a person’s level of income.
