Dover Financial Advisers and Terry McMaster have been hit with hefty penalties in the case brought against them by ASIC.
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.
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