Australian Securities & Investments Commission v Soust (No 2) [2010] FCA 388

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v Soust (No 2) [2010] FCA 388 Citation: Australian Securities & Investments Commission v Soust (No 2) [2010] FCA 388

Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v MARTIN SOUST

File number: VID 1087 of 2008

Judge: GOLDBERG J

Date of judgment: 23 April 2010

Corrigendum: 27 April 2010

Catchwords: CORPORATIONS – penalty hearing – breach of directors' duties – market manipulation – disqualification from managing corporations – pecuniary penalty – Court's discretion – no evidence of remorse – relevant principles or factors to be applied.

Legislation: Corporations Act 2001 (Cth): ss 181(1), 182(1), 206C(1), 1041A, 1041B(1), 1317DA, 1317E, 1317G Evidence Act 1995 (Cth): s 128(7)

Cases cited: Australian Securities and Investments Commission v Citrofresh International Limited (No 3) [2010] FCA 292, followed Australian Securities and Investments Commission v Forem‑Freeway Enterprises Pty Ltd (1999) 30 ACSR 339, applied Rich v Australian Securities and Investments Commission (2004) 220 CLR 129, followed Australian Securities and Investments Commission v MacDonald (No 12) (2009) 259 ALR 116, considered Re HIH Insurance Ltd (in prov liq) and HIH Casualty and General Insurance Ltd (in prov liq); Australian Securities and Investments Commission v Adler (2002) 42 ACSR 80, applied Australian Securities and Investments Commission v Vines (2006) 58 ACSR 298, followed ASC v Donovan (1998) 28 ACSR 583, followed Australian Competition and Consumer Commission v ABB Transmission and Distribution Ltd (No 2) (2002) 190 ALR 169, considered Australian Securities and Investments Commission v Beekink (2007) 238 ALR 595, followed