Australian Securities and Investments Commission v Camelot Derivatives Pty Limited (In Liquidation); In the Matter of Camelot Derivatives Pty Limited (In Liquidation) [2012] FCA 414

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Camelot Derivatives Pty Limited (In Liquidation); In the Matter of Camelot Derivatives Pty Limited (In Liquidation) [2012] FCA 414 Citation: Australian Securities and Investments Commission v Camelot Derivatives Pty Limited (In Liquidation); In the Matter of Camelot Derivatives Pty Limited (In Liquidation) [2012] FCA 414

Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v CAMELOT DERIVATIVES PTY LIMITED (IN LIQUIDATION) and NEIL WILLIAM KING; IN THE MATTER OF CAMELOT DERIVATIVES PTY LIMITED (IN LIQUIDATION) (ACN 086 300 950)

File number: NSD 1705 of 2010

Judge: FOSTER J

Date of judgment: 23 April 2012

Catchwords: CORPORATIONS – whether a corporation which solicited clients to trade in options (including derivatives) contravened s 1041H of the Corporations Act 2001 (Cth) and s 12DA of the Australian Securities and Investments Commission Act 2001 (Cth) (the ASIC Act) by making false or misleading representations about its investment strategies – whether that corporation also breached the terms of its Australian Financial Services Licence and failed to do all things necessary to ensure that the financial services covered by the licence were provided efficiently, honestly and fairly – whether the principal of the corporation should be held liable as an accessory to the contraventions on the part of the corporation PRACTICE AND PROCEDURE – whether consent declarations agreed between the corporate regulator (ASIC) and the individual who caused a corporation to contravene the Corporations Act and the ASIC Act should be made – relevant principles discussed