ASIC alleges Peter Daly (current director of Linchpin), Ian Williams (current director of Endeavour and Linchpin), Paul Raftery (current director of Endeavour and Linchpin), and Paul Nielsen (former director of Endeavour and Linchpin) breached their duties as officers of a responsible entity of a registered managed investment scheme.
ASIC alleges in the current proceedings that each of the defendants were personally involved in contravening multiple provisions of the Corporations Act while operating two managed investment schemes. ASIC also alleges that Mr Daly and Mr Raftery made improper use of their positions as officers of Endeavour to gain a financial advantage for themselves.
ASIC is seeking civil penalties as well as orders that Mr Williams, Mr Nielsen, Mr Daly, and Mr Raftery be disqualified from acting as directors “for a period of time”. The first case management hearing is scheduled for 22 September.
Mr Williams, Mr Nielsen, Mr Daly and Mr Raftery are all banned from providing any financial services for a period of five years. Mr Daly’s appeal to the Administrative Appeals Tribunal in respect of his banning is ongoing.
“ASIC found that Mr Williams, Mr Daly and Mr Raftery did not understand the importance of the duties of directors to protect members of the managed investment schemes and, as a result, their conduct put significant amounts of other people’s money at risk,” ASIC said at the time.
ASIC could go back 20 years and find very “disturbing” conduct. This really is tip of the ice burg. Better late than never.
Not very often i cheer on ASIC but in this case i’ve got my pom poms ready. The sooner lowlifes like daly leave the industry the better
He’s probably already sent his money into offshore accounts in countries that have no tax/legal treaties with Australia and will be sipping champagne on the beach with investor funds whilst ASIC spends tens-of-millions chasing a ghost
ASIC aren’t bothered by how much it costs. They need to do something with all the money they make from the annual industry levy they keep increasing!
Peter Daly has a lot to answer about and they have to look at the AD Capital connect
This is only the tip of the iceberg,
About time