Australian Securities and Investments Commission v Cassimatis (No 9) [2018] FCA 385

Australian Securities and Investments Commission v Cassimatis (No 9) [2018] FCA 385

Given the seriousness and duration of the respondents’ breaches of s 180(1) by allowing Storm to provide inappropriate financial advice to vulnerable investors, causing material prejudice to Storm and exposing it to regulatory risk, substantial pecuniary penalties and disqualification are warranted. Injunctive relief preventing lawful conduct not proscribed by statute is not available under s 1324.

Jurisdiction
Australia
Judgment Date
22 March 2018
Procedural Posture
Civil / Penalty Hearing and Relief Following Finding of Liability
Outcome
Declarations made; pecuniary penalties and disqualification orders imposed; injunctive relief declined; costs orders made.
Legal Topics
["directors' Duties" 'pecuniary Penalties' 'disqualification Orders' 'civil Penalties' 'injunctions' 'financial Services Regulation']
['corporations Law' 'commercial Law'] ["directors' Duties" 'pecuniary Penalties' 'disqualification Orders' 'civil Penalties' 'injunctions' 'financial Services Regulation']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Civil / Penalty Hearing and Relief Following Finding of Liability

Legal Issues

  1. 1 ['Whether pecuniary penalties, disqualification orders, and injunctive relief should be imposed following contraventions of s 180(1) of the Corporations Act 2001 (Cth)' 'Appropriate costs orders']

Ratio Decidendi

Given the seriousness and duration of the respondents’ breaches of s 180(1) by allowing Storm to provide inappropriate financial advice to vulnerable investors, causing material prejudice to Storm and exposing it to regulatory risk, substantial pecuniary penalties and disqualification are warranted. Injunctive relief preventing lawful conduct not proscribed by statute is not available under s 1324.

Court Disposition

Declarations made; pecuniary penalties and disqualification orders imposed; injunctive relief declined; costs orders made.

Orders

  • ['Declaration that Emmanuel George Cassimatis contravened s 180(1) of the Corporations Act 2001 (Cth) (see para 57).' 'Declaration that Julie Gladys Cassimatis contravened s 180(1) of the Corporations Act 2001 (Cth) (see para 57).' 'Each respondent to pay a pecuniary penalty of $70,000.' 'Each respondent...