Australian Securities and Investments Commission v Vizard [2005] FCA 1037 (including summary)

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Vizard [2005] FCA 1037 CORPORATIONS – directors – improper use of information to gain an advantage – civil prosecution – penalty – disqualification – principles to be applied Companies Act 1958 (Vic) s 107 Corporations Law ss 232(5), 183(1) Angas Law Services Pty Ltd (in liq) v Carabelas (2005) 53 ACSR 208 cited Australian Competition and Consumer Commission v ABB Transmission and Distribution Ltd (No 2 – Distribution Transformers) (2002) ATPR ¶41-872 followed Australian Competition and Consumer Commission v Colgate-Palmolive Pty Ltd (2002) ATPR ¶41-880 applied Lowe v The Queen (1984) 154 CLR 606 cited NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 71 FCR 285 applied Rich v Australian Securities and Investments Commission (2004) 50 ACSR 242 followed R v Hassen Mohammed El-Rashid (unreported, Supreme Court of New South Wales Court of Criminal Appeal, Gleeson CJ, Mahoney and Sperling JJ, 7 April 1995) cited R v Howard (2003) 48 ACSR 438 cited R v Jaasma (1976) 1 AR 553 cited R v Mallinder (1986) 23 A Crim R 179 cited R v Pierce Fisheries Limited [1971] SCR 5 cited R v Tait (1979) 46 FLR 386 cited R v Thompson (1975) 11 SASR 217 followed R v Wholesale Travel Group Inc [1991] 3 SCR 154 cited Regal (Hastings) Ltd v Gulliver [1967] 2 AC 134 cited Sherras v De Rutzen [1895] 1 QB 918 cited Black's Law Dictionary (8th ed, 2004) E Sutherland, White Collar Crime (1949) Australian Law Reform Commission Report No 44, Sentencing (1998) D M Kahan and E A Posner, "Shaming White Collar Criminals: A Proposal for Reform of the Federal Sentencing Guidelines" (1999) 42 Journal of Law and Economics 365 J E Willis, "The Sentencing Discount for Guilty Pleas" (1985) 18 Australian and New Zealand Journal of Criminology 136 AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v STEPHEN WILLIAM VIZARD VID 677 of 2005 FINKELSTEIN J 28 JULY 2005 MELBOURNE