Australian Securities and Investments Commission v Huntley Management Limited [2017] FCA 770

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Huntley Management Limited [2017] FCA 770 File number(s): NSD 1633 of 2016

Judge(s): PERRAM J

Date of judgment: 11 July 2017

Catchwords: CORPORATIONS – false or misleading representations in connection with financial services – false or misleading representation that services have sponsorship, approval, performance characteristics, uses or benefits – where Defendant admitted contravention of s 12DB(1)(e) of Australian Securities and Investments Commission Act 2001 (Cth) – where Defendant made false or misleading representation that ASIC had approved managed investment projects of which Defendant was acting as responsible entity, when, in fact, ASIC had not done so – declaratory relief and pecuniary penalty sought for conduct in contravention of s 12DB(1)(e) – where penalty agreed – factors relevant to assessment of pecuniary penalty – assessment of penalty

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12DB, 12DB(1)(e), 12GBA, 12GBA(2), 12GBA(3), 12GD(1), 12GLA Corporations Act 2001 (Cth) s 761A Crimes Legislation Amendment (Penalty Unit) Act 2015 (Cth) Income Tax Assessment Act 1997 (Cth) s 26.5

Cases cited: Annand & Thompson Pty Ltd v Trade Practices Commission [1979] FCA 36; (1979) 40 FLR 165 Australian Competition and Consumer Commission v Australian Safeway Stores Pty Ltd [1997] FCA 450; (1997) 145 ALR 36 Australian Competition and Consumer Commission v MSY Technology [2012] FCAFC 56; (2012) 201 FCR 378 Australian Competition and Consumer Commission v MSY Technology Pty Ltd (No. 2) [2011] FCA 382; (2011) 279 ALR 609 Australian Securities and Investments Commission v Australian Lending Centre Pty Ltd (No. 3) [2012] FCA 43; (2012) 213 FCR 380 Australian Securities and Investments Commission v Superannuation Warehouse Australia Pty Ltd [2015] FCA 1167; (2015) 109 ACSR 199 Commonwealth v Director, Fair Work Building Industry Inspectorate [2015] HCA 46; (2015) 326 ALR 476 Construction, Forestry, Mining and Energy Union v Cahill [2010] FCAFC 39; (2010) 269 ALR 1 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission [2012] FCAFC 20; (2012) 287 ALR 249