Another day, another ASIC ban

ASIC has issued yet another ban, this time turfing the director of a Sydney credit licensee for three years




ASIC has issued yet another ban, this time turfing the director of a Sydney licensee for three years.
Yesterday, the regulator announced the permanent ban of a WA credit rep. Today, ASIC has announced it has banned Harold Charles Bundy from engaging in credit activities for three years (effective from 17 December 2012), and suspended the ACL of his company Ezymanagement.
The watchdog said Bundy was "not a fit and proper person to engage in credit activities", and alleged that he:
  • failed to discharge his duties as a company director with appropriate care and diligence, and in the best interests of SDX Technology, of which he was a director between 1999-2006, and Ezyware Pty Ltd, of which he was a director between 2008-2010
  • had been involved in negligent or otherwise discreditable business or professional practices with Ezyware between 2005-2010
  • opened a bank account in his own name in or about 2008, and received money payable to Ezyware with the intention of avoiding garnishee orders against Ezyware
  • had been a director and/or substantially involved in the management of seven companies that between 1992-2009 had entered into external administration in part because of deficiencies in the management of those companies
  • had been a director of a further two companies which were deregistered in 1992 and 2006, respectively.
ASIC said Bundy and his company have filed for a stay and a review of the decision in the Administrative Appeals Tribunal. The AAT, ASIC said, refused the applications for the stay and has not yet set a date for its review.

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