Australian Securities and Investments Commission v Mayfair Wealth Partners Pty Ltd [2021] FCA 1630

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Mayfair Wealth Partners Pty Ltd [2021] FCA 1630 File number(s): VID 228 of 2020

Judgment of: ANDERSON J

Date of judgment: 22 December 2021

Catchwords: CORPORATIONS – where contraventions of ss 12DA(1) and 12DB(1) of the Australian Securities and Investments Commission Act 2001 (Cth) and s 1041H of the Corporations Act 2001 (Cth) relating to false, misleading or deceptive conduct – whether the declarations made in the liability judgment meet the requirements of s 12GBA – imposition of appropriate penalties pursuant to s 12GBA of the ASIC Act for contraventions of s 12DB(1) and s 12DA(1) – assessment of pecuniary penalties – where a significant pecuniary penalty will be ordered in respect of all Defendants

Legislation: Acts Interpretation Act 1901 (Cth) Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) Federal Court of Australia Act 1976 (Cth) Federal Court Rules 2011 (Cth) Treasury Law Amendment (2019 Measures No. 3) Act 2020 (Cth)

Cases cited: ACCC v Cement Australia Pty Ltd (2017) 258 FCR 312 ACCC v Coles Supermarkets Australia Pty Ltd (2015) [2015] FCA 330; 327 ALR 540 ACCC v Optus Mobile Pty Ltd [2019] FCA 106 ACCC v Telstra Corp Ltd [2018] FCA 571 ACCC v TPG Internet Pty Ltd (2013) 250 CLR 640 ASIC v Allianz Australia Insurance Limited [2021] FCA 1062 ASIC v AGM Markets Pty Ltd (in liq) (No 4) (2020) 148 ACSR 511, [2020] FCA 1499 ASIC v Australia and New Zealand Banking Group Ltd [2018] FCA 155 ASIC v BT Funds Management Ltd [2021] FCA 844 ASIC v Forex Capital Trading Pty Ltd [2021] FCA 570 ASIC v GE Capital Finance Australia, Re GE Capital Finance Australia [2014] FCA 701 ASIC v Westpac Banking Corporation (No 3) (2018) 131 ACSR 585; [2018] FCA 1701 ASIC v Westpac Banking Corporation [2019] FCA 2147 ASIC v Theta Asset Management Ltd [2020] FCA 1894 ACCC v TPG Internet Pty Ltd (2013) 250 CLR 640; [2013] HCA 54 Australian Building and Construction Commissioner v Construction Forestry Mining and Energy Union [2017] FCAFC 113; 254 FCR 68 Australian Competition and Consumer Commission v Reckitt Benckiser (Australia) Pty Ltd (2016) 340 ALR 25; [2016] FCAFC 181 ASIC v Superannuation Warehouse Australia Pty Ltd [2015] FCA 1167 ASIC v Wealth & Risk Management Pty Ltd (No 2) [2018] FCA 59; 124 ACSR 351 Hogben Pty Ltd v Tadros [2016] NSWSC 1683 Boyd v Thorn (2017) 96 NSWLR 390 Browne v Dunn (1893) 6 R 67 Chief Executive Officer of the Australian Transaction Reports and Analysis Centre v Westpac Banking Corporation [2020] FCA 1538; (2020) 148 ACSR 247 Construction, Forestry, Mining and Energy Union v Cahill [2010] FCAFC 39; (2010) 194 IR 461; 269 ALR 1 Consumer Affairs Victoria v Vic Solar Pty Ltd (No 4) [2021] FCA 449 Commonwealth v Director, Fair Work Building Industry Inspectorate (2015) 252 CLR 482 Finance Sector Union v Commonwealth Bank of Australia [2005] FCA 1847; (2005) 224 ALR 467 Kinsella v Gold Coast City Council [2015] 1 Qd R 274 Klees v M101 Holdings Pty Ltd [2021] NSWSC 182 Malamit Pty Ltd v WFI Insurance Ltd [2017] NSWCA 162 Milfoil Pty Ltd v Commonwealth Bank of Australia [2017] VSCA 256 Polyukhovic v Commonwealth (1991) 172 CLR 501 Re HIH Insurance Ltd (2002) 189 ALR 365 Rural Press Finance Ltd v ACCC (2003) 216 CLR 53 Shanton Apparel v Thornton Hall Manufacturing Ltd (1989) 17 IPR 311 Singtel Optus Pty Ltd v ACCC (2012) 287 ALR 249 Trade Practices Commission v CSR Limited [1990] FCA 762; (1991) ATPR 41-076 Universal Music Australia Pty Ltd v ACCC (2003) 131 FCR 529 Visy Paper Pty Ltd v ACCC [2005] FCAFC 236; 224 ALR 390 Volkswagen Aktiengesellschaft v ACCC [2021] FCAFC 49