In the matter of Vault Market Pty Ltd [2014] NSWSC 1641

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Vault Market Pty Ltd [2014] NSWSC 1641 Hearing dates: 9 October 2014 Decision date: 20 November 2014 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: Declarations of contravention of Corporations Act s 911A, s 911C and s 1041H. Order disqualifying director from managing corporations for 5 years. Order restraining company and director from carrying on a financial services business for 8 years. Catchwords: CORPORATIONS - financial services and markets - financial services providers - carrying on financial services business without a licence - online market for contracts for difference - holding out that has a licence when that is not the case - remedies - restraint on carrying on financial services business CORPORATIONS - financial services and markets - market misconduct and other prohibited conduct - misleading and deceptive conduct CORPORATIONS - enforcement - declarations - where provisions contravened are not civil penalty provisions - where public right to be vindicated CORPORATIONS - management and administration - duties and liabilities of officers of corporation - disqualification from managing a corporation Legislation Cited: (CTH) Corporations Act 2001, s 79, 83, 181, 183, 183, 206E, 209, 254L, 270, 271, 328A, 328B, 412, 727, 734, 761D, 766A, 766C, 766D, 764A, 911A, 911B, 911C, 911D, 1041H, 1101B, 1311,1314, 1317E Companies (NSW) Code, s 572 (CTH) Corporations Regulations 2001, reg 7.1.04 (NSW) Companies (NSW) Code 1981, s 96(3), 572(1) (WA) Companies (WA) Code 1961, s 263 Cases Cited: ACCC v Energy Australia [2014] FCA 336 ACCC v Flight Centre [2014] FCA 292 ACCC v Mandurvit [2014] FCA 464 ACCC v Safe Breast Imaging (No 2) [2014] FCA 998 ASIC v Australian Investors Forum Pty Ltd (No 2) [2005] NSWSC 267; (2005) 53 ACSR 305 ASIC v Australian Lending Centre (No 3) [2012] FCA 43 ASIC v Fuelbanc Australia Ltd (2007) 162 FCR 174 ASIC v GE Capital Finance [2104] FCA 701 ASIC v Ingleby [2013] VSCA 49 ASIC v Maxwell [2006] NSWSC 1052; (2006) 59 ACSR 373 ASIC v McDougall (2006) 229 ALR 158 ASIC v Scott [2012] NSWSC 1643 ASIC v Stone Assets Management Pty Ltd [2012] FCA 630; (2012) 90 ACSR 523 Australian Competition and Consumer Commission v Singtel Optus Pty Ltd (No 4) [2011] FCA 761; (2011) 282 ALR 246 Australian Competition and Consumer Commission v Telstra Corporation Ltd [2010] FCA 790; (2010) 188 FCR 238 Australian Securities and Investments Commission v Elm Financial Services Pty Ltd (2005) 55 ACSR 411 ; [2005] NSWSC 1020 Australian Securities and Investments Commission v Pegasus Leveraged Options Group Pty Ltd [2002] NSWSC 310; (2002) 41 ACSR 561 Barbaro v R [2014] HCA 2; (2014) 305 ALR 323 Bethune v Hamilton (1987) 12 ACLR 279 BMI Limited v Federated Clerks Union of Australia (1983) 51 ALR 401 Corporate Affairs Commission (NSW) v Smith (1988) 13 ACLR 406 Corporate Affairs Commission (NSW) v Transphere Pty Ltd (1988) 15 NSWLR 596, Singtel Optus Pty Ltd v Australian Competition and Consumer Commission [2012] FCAFC 20; (2012) 287 ALR 249 Category: Principal judgment Parties: Australian Securities and Investments Commission (plaintiff) MD Anamul Amin (first defendant) Vault Market Pty Ltd (second defendant) Representation: Counsel: D R Stack (plaintiff) J Sutton (solicitor) (first and second defendants) Solicitors: K R Turner, Solicitor for ASIC (plaintiff) Armstrong Legal (first and second defendants) File Number(s): 2014/194130