A former director of the responsible entity of two managed investment schemes has been fined after failing to co-operate with liquidators.
Gold Coast-based investment manager Mark McIvor was found guilty of six charges brought by ASIC on 22 August 2014 relating to failures to assist with the liquidation process for the two funds, which were wound up in 2011 and 2012, owing approximately $200 million to investors.
“Mr McIvor's conviction was one of 143 criminal actions taken by ASIC over the past six months against directors of proprietary limited companies who had breached their obligations under the Corporations Act 2001,” said ASIC commissioner Greg Tanzer in a statement.
“If a company fails and goes into liquidation, the directors are required to provide assistance to the appointed liquidator so that creditors can be paid and any misconduct can be identified.”
Mr McIvor – described by the News Limited papers as “one of the Gold Coast’s richest men” – reportedly sued siblings for sums as low as $271 in 2011.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Jan 2019ASIC imposes conditions on Sydney licenseeBy Adrian Flores
- 16 Jan 2019FASEA locks in educational pathways policyBy Adrian Flores
- 16 Jan 2019Industry fund makes advice market move with hiresBy Adrian Flores
- 16 Jan 2019ANZ pushes on with wealth sale to IOOFBy Adrian Flores
- 15 Jan 2019Advisers to embrace AI ahead of FASEA codeBy Adrian Flores
- 15 Jan 2019Managed Accounts shakes up senior teamBy Sarah Simpkins
- view all