Australian Securities and Investments Commission v Beekink [2006] FCA 388

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Beekink [2006] FCA 388

CORPORATIONS LAW – pecuniary penalties - managed investment schemes – failure of directors to carry out duties – wrongful granting of authority to act by one director – reliance by two other directors upon the third director – late admissions of breaches – breaches serious – remorse and contrition – restitution to members suffering loss – professional impacts of proposed penalties – unblemished prior professional records - whether disqualification order appropriate for director principally responsible – quantum of pecuniary penalties for all three directors Corporations Act 2001 (Cth) ss 79, 206C, 601FB(1), 601FB(2), 601FD, 601FD(1)(f), 601FD(1)(f)(iv), 601FD(3), 1317E, 1317E(1), 1317E(2), 1317G, 1317G(1), 1317G(1)(b), 1317G(1)(b)(iii) Australian Securities and Investments Commission v Vizard (2005) 219 ALR 714 Australian Securities Commission v Donovan (1998) 28 ACSR 583 Australian Securities Commission v Forem-Freeway Enterprises Pty Ltd (1999) 30 ACSR 339 Commissioner for Corporate Affairs v Ekamper (1987) 12 ACLR 519 Commissioner for Corporate Affairs (WA) v Ekamper (1987) 12 ACLR 519 Re HIH Insurance Ltd (in prov liq); Australian Securities and Investments Commission v Adler (2002) 42 ACSR 80 Mill v The Queen (1988) 166 CLR 59 Re Magna Alloys & Research Pty Ltd (1975) 1 ACLR 203 Rich v Australian Securities and Investments Commission (2004) 209 ALR 271 Re Tasmanian Spastics Association; Australian Securities Commission v Nandan (1997) 23 ACSR 743 AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v PETER CORNELIUS BEEKINK, HERSCH SOLOMON MAJTELES and GREGORY PHILLIP GAUNT WAD 3035 of 2003 NICHOLSON J 7 APRIL 2006 PERTH

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY WAD 3035 OF 2003