The Australian Securities and Investments Commission (ASIC) carried out 160 prosecutions for offences under the Corporations Act during the first six months of 2011.
The regulator has released a report detailing actions brought against individuals and companies between January and June 2011, which resulted in a number of convictions, and fines of over $419,000.
Prosecutions occurred for a range of offences, including:
- Failure to lodge annual reports
- Managing corporations while disqualified
- Making false and misleading statements in documents lodged with ASIC
The majority of prosecutions occurred in New South Wales where 71 individuals and companies were prosecuted. Queensland totalled 49 prosecutions, and Victoria 32. In Western Australia action was taken against 4 entities, and in South Australia two prosecutions occurred.
ASIC says the actions were in addition to other deterrence activities undertaken as part of its regulatory responsibilities.
