Dover hit with penalty after court case

Justice O’Bryan of the Federal Court of Australia, Victorian registry, ordered Dover Financial Advisers to pay a pecuniary penalty to the Commonwealth of $1.2 million in “respects of its contravention of section 12DB of the ASIC Act 2001”. Terry McMaster – the second defendant – will also pay a pecuniary penalty to the Commonwealth of $240,000 “in respect of his knowing concern in the first defendant’s contraventions”.

The defendants have also been ordered to pay the plaintiffs costs.

More to come.