On September 21, 2011 the Australian Securities and Investment Commission (ASIC) announced that Mr Christopher Kallonas of Preston, Victoria, has been convicted of managing a company while disqualified following an ASIC investigation into failed automated teller machine supply company, Smartcash Australia Pty Ltd (Smartcash).

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On September 15, 2011, Hong Kong Securities & Futures Commission (SFC) published that the District Court today further adjourned the trial of Mr Li Jialin, chairman and executive director of VST Holdings Limited (VST), until 6 August 2012 pending a decision in the Court of Final Appeal by two other defendants who are appealing convictions for committing a related market manipulation offence (Note 1). The Court of Final Appeal hearing is expected to take place in May 2012.

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On September 19, 2011, Hong Kong Securities & Futures Commission (SFC) published that it has suspended the licence of Ms Lee Chi Ying for eight months from 16 September 2011 to 15 May 2012, following her conviction in relation to unlicensed dealing in securities (Notes 1 and 2).

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On September 26, 2011, Hong Kong Securities & Futures Commission (SFC) published that it has issued a reprimand to Mr To Kei Ming, a responsible officer of Celestial Securities Limited (CSL) (Note 1), for negligence and non-compliance with order recording requirements. The SFC has also fined To $90,000. The disciplinary action follows an SFC investigation which found that To failed to lodge with CSL, within a reasonable period of time, an authorization form completed by a client through which the client granted third-party authorization to her husband to trade in her account.

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On September 26, 2011, Hong Kong Securities & Futures Commission (SFC) published that the Eastern Magistracy convicted Mr Law Look Tend and Mr Leung Bing Yiu of the offence of carrying on a business of advising on securities without a licence (Note 1). Law was also convicted of six other counts of issuing advertisements relating to a business of unlicensed advising on securities.

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On September 27, 2011, Hong Kong Securities & Futures Commission (SFC) published that the SFC has banned Tang Siu Fong, a former licensed representative of Fair Eagle Securities Company Limited (Fair Eagle), from re-entering the industry for life (Note 1).

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On September 02, 2011 the Australian Securities and Investment Commission (ASIC) announced that Mr Mark Travis Goldenberg, formerly of West Leederville, Western Australia, has been sentenced to three years and one month jail in the Perth District Court on charges of breaching his duty as a director, brought by ASIC. A reparation order of $1.7 million was also made against Mr Goldenberg. In June 2011, Mr Goldenberg pleaded guilty to 39 counts of breaching his duties as a director of Mortimer Close Pty Ltd.

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On September 02, 2011 the Australian Securities and Investment Commission (ASIC) announced that Mr John Vafiadis, previously of Hobart, was sentenced today to 6 months imprisonment after an ASIC investigation found he provided unlicensed financial advice to investors. Mr Vafiadis, 39, who was found guilty in the Hobart Magistrates’ Court on the 4 August 2011 of 2 counts of carrying on an unlicensed financial services business, will serve a minimum of 3 months imprisonment, with 3 months suspended on the condition that he enter into a recognisance of $4000 and be of good behaviour for a period of 5 years.

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On September 05, 2011 the Australian Securities and Investment Commission (ASIC) announced that A former Sydney-based financial planning consultant has been permanently banned from providing financial services after an ASIC investigation found he had engaged in misleading and deceptive conduct. Mr James Edward Maurice Rowe, formerly of Cremorne, was banned after ASIC found he had forged the signatures of individuals applying for finance to purchase woodlots from FEA Plantation Ltd (FEA) (administrators appointed). FEA relied upon the accuracy of the forms at the time of approving finance.

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On September 07, 2011 the Australian Securities and Investment Commission (ASIC) announced that Mr Dean Cosenza of Woodville, Adelaide, has been convicted of managing a corporation while disqualified following an ASIC investigation. Mr Cosenza was charged with participating in the management of a corporation while disqualified under the Corporations Act 2001. Mr Cosenza was made bankrupt in December of 2003, automatically prohibiting him from managing a corporation until the end of his bankruptcy on 17 September 2007.

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On September 08, 2011 the Australian Securities and Investment Commission (ASIC) announced that the former Chief Financial Officer of OnQ Group Limited, Peter Couper, pleaded guilty today in the Melbourne Magistrates’ Court to four charges brought following investigations by ASIC. Mr Couper, of Wantirna, Victoria, pleaded guilty to two counts of falsifying the books of Bill Express Limited (Bill Express), one count of providing misleading information to Bill Express’s auditor and one count of providing false or misleading information to ASIC during an examination.

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On September 09, 2011 the Australian Securities and Investment Commission (ASIC) announced that ASIC notes the sentencing decision of former Westpoint chief financial officer Graeme Rundle in the Parramatta District Court today. Mr Rundle was found guilty of two criminal offences of making a false or misleading statement with intent to obtain a financial advantage for Scots Church Development Limited by a jury on 24 June 2011 (refer 11-124MR). The charges were brought by ASIC. Mr Rundle’s offences involved contraventions of section 178BB of the NSW Crimes Act. The charges related to statements made to a financial institution in relation to obtaining a $71 million construction finance facility to complete a project at York Street, Sydney.

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On September 13, 2011 the Australian Securities and Investment Commission (ASIC) announced that the Supreme Court of NSW yesterday made interim orders preventing Mr Steven Hui Xiao, the managing director of Hanlong Mining, from leaving Australia until 22 September 2011, other than to visit Hong Kong between 13 and 14 September 2011 to attend to visa requirements. ASIC obtained these orders in connection with its investigation into suspected insider trading activities in relation to Bannerman Resources Ltd and Sundance Resources.

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On August 26, 2011 the Australian Securities and Investment Commission (ASIC) announced that commission has cancelled the registration of one NSW-based liquidator and required a second to enter into an undertaking, under section 1291 of the Corporations Act 2001 (the Act), after the liquidators consistently failed to disclose conflicts of interest in more than 100 administrations to which they were appointed.

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On August 29, 2011 the Australian Securities and Investment Commission (ASIC) announced that three former directors of Australian Capital Reserve Limited (ACR) have pleaded guilty in the New South Wales District Court to charges relating to false or misleading statements in the company’s accounts and a prospectus brought by ASIC. Mr Samuel Pogson of Wahroonga, NSW and Mr Murray Lapham of Turramurra, NSW today each pleaded guilty to one charge under the NSW Crimes Act of making a false or misleading statement to obtain a financial advantage for ACR. Mr Steven Martin of West Pennant Hills, NSW pleaded guilty to a similar charge on 19 August 2011.

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