Australian Securities & Investments Commission v Lee [2007] FCA 918

There is a sufficient connection between Mr Lee and the fraudulent scheme due to receipt of stolen money and refusal to explain its source; thus, it is both necessary and desirable to continue the freezing order under s 1323 to protect potential aggrieved persons.

Jurisdiction: Australia
Judgment Date: 15 June 2007
Procedural Posture: Corporations Investigation Application for Freezing Order / Post Trial (following Interim Order, Application for Continuation of Freezing Order)
Outcome: Continuation of freezing order granted
Legal Topics: ['freezing Orders' 'fraudulent Trading Scheme' 'restitution' 'compensation']

['corporations Law' 'equity'] ['freezing Orders' 'fraudulent Trading Scheme' 'restitution' 'compensation']

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Procedural Posture

Corporations Investigation Application for Freezing Order / Post Trial (following Interim Order, Application for Continuation of Freezing Order)

Legal Issues

1 ['Whether continuation of freezing order under s 1323 of the Corporations Act 2001 is appropriate' "Whether the funds in Mr Lee's accounts are connected to the fraudulent scheme and may result in liability to aggrieved persons"]

Ratio Decidendi

Court Disposition

Continuation of freezing order granted

Orders

['Until 4.15 pm on 31 July 2007, the first defendant is restrained from procuring withdrawal or transfer of any funds in specified ANZ Bank and Westpac accounts']