Odyssey Equity Finance of Keilor East, Victoria, has appeared via legal representatives in the Dandenong Magistrates Court charged with multiple criminal offences relating to financial reporting.
Odyssey, an Australian financial services licensee, has been charged with three counts of failing to lodge a profit and loss statement and balance sheet, and three counts of failing to lodge an auditor’s report with the profit and loss statement and balance sheet.
ASIC alleges that Odyssey failed to lodge the reports for each of the financial years ending 30 June 2020, 2021, and 2022, as required under the Corporations Act.
The matter was adjourned for mention on 7 March 2024 at the Dandenong Magistrates Court.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a brief and referral from ASIC.
The maximum penalty for a body corporate for each failure to lodge a profit and loss statement and balance sheet (s989B(2) of the Corporations Act) is $1,332,000.
The maximum penalty for a body corporate for each failure to lodge an auditor’s report with the profit and loss statement and balance sheet (s989B(3) of the Corporations Act) is $1,332,000.
This is the third recent prosecution of a financial services licensee by ASIC for contravention of s989B of the Corporations Act, following charges laid against APC Securities and Brava Capital on 24 October 2023.
APC Securities, formerly known as McFaddens Securities, and Brava Capital, formerly known as Dayton Way Securities, appeared in the Sydney Downing Centre Local Court on 24 October 2023, charged with three counts of failing to lodge a profit and loss statement and balance sheet, and three counts of failing to lodge an auditor’s report with the profit and loss statement and balance sheet.
ASIC alleges that APC Securities and Brava Capital each failed to lodge their financial accounts and auditor’s report for each of the financial years from 30 June 2020 to 30 June 2022.
Both matters were adjourned to 21 November 2023 for further mention.
What a thriving bully asic are. Disgusting and over the top on the small guy and impotent the big end of town banks and industry funds who get a free pass to rort Australians. What a joke and internationally Australia is a joke when it comes to advice. Most due to government and ASIC
As always, ASIC goes hard at the low hanging fruit
True hero of the Australian public. Any taking a stand, fighting back from the stupidity of ASIC bad legislation and against this corrupt regulator is a hero in my book. I salute them.
Meanwiile AMP and the big banks had remediation costs of over $6B but no one got charged with an offence and they all still ahve their AFSLs
Thats because they submitted the financials showing $Billions in profit…
No problem if a minister fails deliver. Or, tells porkies. Or, ducks & weaves. Or, kick the can down the road.
Comments like this are further example of how the industry doesn’t accept full responsibility for its faults. Deflecting criticism helped fuel the need for the Royal Commission.
Pandering to complacent lying politicians who legislate the most embarrassing choking red tape in a developed country to use it for this purpose should not be defended.
“The maximum penalty for a body corporate for each failure to lodge an auditor’s report with the profit and loss statement and balance sheet (s989B(3) of the Corporations Act) is $1,332,000.” Not condoning the offence but does the punishment fit the crime? When considering other more serious matters that ASIC turns a blind eye to…
Absolutely it does
It’s reflective of an adversarial, corrupt, and incompetent regulator. Given you’ll go to jail for a spelling mistake in a fee disclosure statement, it can only be described as consistent with an adversarial approach to regulating the advice industry.