ASIC wins court bans and penalties against former Youpla directors
Australia's corporate regulator is securing court-ordered bans and financial penalties against three former Youpla Group directors after findings they breached their duties across companies linked to the funeral insurer group. The Federal Court approves orders disqualifying Jonathan Law, Michael Wilson and Geoffrey Clayton from managing corporations for between five and 10 years, alongside civil penalties of up to A$50,000.
Highlights
- Federal Court disqualifies Jonathan Glen Law for six years with a A$50,000 penalty, Michael Wilson for 10 years with A$20,000, and Geoffrey Clayton for five years with A$20,000 for breaches at Youpla Group companies.
- ASIC initiated 2023 proceedings against Law, Wilson, and Clayton for breaches of directors' duties at Youpla Group (formerly ACBF), citing significant harm to First Nations consumers.
- ASIC underscores its enforcement focus on misconduct affecting First Nations people and will comment further after the related hearing against Mr Jones concludes.
Federal Court orders and misconduct findings
As reported by ASIC, the Federal Court today approves orders proposed by the regulator and the three former directors after finding they breached their duties at various Youpla Group companies, formerly known as the Aboriginal Community Benefit Fund, or ACBF.Jonathan Glen Law is disqualified from managing corporations for six years and ordered to pay a A$50,000 pecuniary penalty. Michael Wilson is banned for 10 years and ordered to pay A$20,000, while Geoffrey Clayton is disqualified for five years and also ordered to pay A$20,000.
Law is found to have breached his duties in relation to one Youpla Group company. Wilson and Clayton are found to have breached their duties in relation to three Youpla Group companies.
Consumer protection focus and case background
ASIC says it commenced proceedings in 2023 against Law, Wilson and Clayton, alleging breaches of directors' duties across Youpla Group entities. The regulator links the case to harm suffered by First Nations consumers and says misconduct affecting First Nations people remains an enduring enforcement priority.ASIC Commissioner Alan Kirkland says the directors failed in their responsibilities and that their conduct contributed to serious harm to First Nations consumers. He says the case shows the consequences when directors do not meet their obligations, and ASIC adds that it will provide further comment after the hearing against Mr Jones concludes.
Previously, we highlighted Ontario court fines over Lake Sturgeon habitat damage linked to unauthorized shoreline work near a conservation reserve.
Latest ASIC News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
