In the matter of Mediation & Online Dispute Resolution Operating Network Pty Ltd [2022] NSWSC 5

In the matter of Mediation & Online Dispute Resolution Operating Network Pty Ltd [2022] NSWSC 5

Nathan Polito engaged in misleading and deceptive conduct and made materially false statements in contravention of s 1041H and s 1041E of the Corporations Act and s 12DA of the ASIC Act by misrepresenting the company's constitution and ownership of intellectual property, inducing plaintiffs to invest. Intergalactic Federation Pty Ltd was knowingly involved. Plaintiffs' loss is causally connected to these contraventions, and damages are not apportionable. Damages were awarded for the full amount invested.

Jurisdiction
Australia
Judgment Date
23 February 2022
Procedural Posture
Principal Judgment / Final Judgment After Trial
Outcome
Declarations made; judgment and damages for plaintiffs; costs to plaintiffs.
Legal Topics
['misleading or Deceptive Conduct' 'capital Raising' 'intellectual Property Assignment' 'concurrent Wrongdoer' 'declaratory Relief' 'damages']
['equity' 'corporations Law'] ['misleading or Deceptive Conduct' 'capital Raising' 'intellectual Property Assignment' 'concurrent Wrongdoer' 'declaratory Relief' 'damages']

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Procedural Posture

Principal Judgment / Final Judgment After Trial

Legal Issues

  1. 1 ['Whether Nathan Polito contravened s 1041H and s 1041E of the Corporations Act 2001 (Cth) and s 12DA of the Australian Securities and Investments Commission Act 2001 (Cth) by misleading or deceptive conduct and making materially misleading statements to investors; whether Intergalactic Federation Pty Ltd was knowingly involved in these contraventions; whether plaintiffs suffered loss causally connected to the contraventions; whether liability should be apportioned among concurrent wrongdoers.']

Ratio Decidendi

Nathan Polito engaged in misleading and deceptive conduct and made materially false statements in contravention of s 1041H and s 1041E of the Corporations Act and s 12DA of the ASIC Act by misrepresenting the company's constitution and ownership of intellectual property, inducing plaintiffs to invest. Intergalactic Federation Pty Ltd was knowingly involved. Plaintiffs' loss is causally connected to these contraventions, and damages are not apportionable. Damages were awarded for the full amount invested.

Court Disposition

Declarations made; judgment and damages for plaintiffs; costs to plaintiffs.

Orders

  • ['Declare Nathan Polito engaged in misleading or deceptive conduct contravening s 1041H Corporations Act 2001 (Cth) and s 12DA ASIC Act 2001 (Cth).' 'Declare Nathan Polito made materially false statements contravening s 1041E Corporations Act 2001 (Cth).' 'Declare Intergalactic Federation Pty Ltd was involved in the...