NSW construction director disqualified for five years – July 18, 2025
Anthony Azizi has been disqualified from managing corporations for a period of five years following his involvement in the failure of three construction industry companies.
He was director of Trinity Constructions (Aust) Pty Ltd and Regal Consulting Services Pty Ltd between January 2001 and September 2021, and ASIC is satisfied he also acted as a director of Trinco Pty Ltd.
As ASIC made its decision, the three companies owed a combined total of A$93,708,563 ($61,080,632) to the Australian Taxation Office, NSW Office of State Revenue, Workers Compensation Nominal Insurer, Department of Employment and Workplace Relations in relation to the Fair Entitlements Guarantee, NSW Self Insurance Corporation, as well as other small businesses.
Azizi was found to have acted improperly and failed to met his obligations as a director on six counts, detailed on ASIC’s website.
Azizi has the right to seek a review of the decision by the administrative appeals Tribunal.
Housing officials convicted over dishonest promotion of interest-free mortgages – July 15, 2025
Following a four-week trial at Victoria’s County Court, Brent Smith, Mahmoud Khodr and Fue Mano have been convicted of dishonesty offences for their role in promoting interest free mortgages offered by Remedy Housing.
The trio dishonestly represented to consumers that;
- a deposit of A$10,000 ($6,515) would securer an interest-free mortgage and title a home within 12 months;
- if the interest-free mortgage could not be provided with 12 months, the deposit would be refunded in full;
- Remedy Housing had funding from overseas investors, when this was not the case.
A sentencing hearing has been scheduled for September 9, 2025.
Former BBY exec chairman charged over dishonest use of A$1.95m
Glenn Alexander Rosewell, a former executive chairman of BBY Limited, has been charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.
He appeared in court on July 15 charged with two offences contrary to sections 1041G and 1311 of the Corporations Act 2001 (Cth) and section 11.2(1) of the Criminal Code (Cth), following an ASIC investigation.
ASIC alleges Rosewall aided, abetted, counselled or procured BBY’s use of A$1.95m ($1.27m)of client money to facilitate payment of an unrelated corporate invoice between the dates of March 1, 2015, and about May 17, 2015.
The matter was adjourned for further mention on 9 September 2025.
Director sentenced for dishonest conduct and misuse of company funds July 15, 2025
Daniel Kirby of Melbourne, Victoria, has received a sentence of two years and 11 months imprisonment for dishonest conduct and misuse of company funds. The Federal Court of Australian stipulated he be released after 12 months upon payment of A$1,000 ($652) and the condition that he be of good behavior for a further three years.
Kirby was a director of the Berndale group; Berndale Capital Securities Pty Ltd (Berndale), Berndale Capital Securities Management Pty Ltd and Algoplus Pty Ltd.
Her Honour Justics Abraham said the offences “reflected an ongoing deliberate disregard by Mr Kirby for responsibilities he held and the trust reposed in him, given his position in the business” and that Mr Kirby “deliberately undermined an audit process to bypass a regulatory measure designed to protect consumers”.
Kirby pleaded guilty on May 15, 2025, to one count of providing false or misleading information to an auditor, one count of dishonest use of position as a director and one count of dishonest conduct in relation to a financial service.
The case is notable as the first to proceed in the Federal Court of Australia under its recently expanded corporate criminal jurisdiction.
Regulator seeks disqualification of director – July 14, 2025
Proceedings have begun in the Federal Court to disqualify David John Catsoulis from managing corporations.
It is alleged that Impact Gold, a mining company in Papua New Gunea, and Warwick Gold, which carried out mining operations in Queensland, enetered into binding agreements when Catsoulis was managing them that were disadvantageous to the companies. ASIC alleges Catsoulis was an officer of both companies between 2021 and 2024.
The agreements entered into are said to have contributed to the failure of both companies. ASIC has sought an order from the Court to disqualify Catsoulis from managing corporations under s206D of the Corporations Act. The maximum period for disqualification under s206D is 20 years.
The first case management hearing is listed for 23 July 2025.
ASIC News week 29
ASIC pursues licensees over infringement notices
Providing personal advice while unregistered has led to the issue of infringement notices against two AFS licensees.
Skye Money Pty Ltd and Smart Financial Capital Pty Ltd each paid an infringement notice penalty of A$31,300 ($20,401) on July 1, 2025 and July 11, 2025, respectively. Payment of an infringement notice is not an admission of guilt or liability.
ASIC believed the licensees authorized a financial adviser who gave personal advice to a retail client about relevant financial products while that adviser was unregistered.
ASIC said in its statement: “The registration requirement is an important consumer protection mechanism to ensure AFS licensees have considered and received declarations about whether their financial advisers are fit and proper and meet the education and training standards.”
Seven credit licenses cancelled, one suspended
ASIC has cancelled seven Australian credit licenses and suspended one more for failure to hold membership of the Australian Financial Complaints authority (AFCA). Licensees are required by law to be AFCA members.
From March 24, 2025, to July 11, 2025, ASIC cancelled or suspended the credit licenses of:
- Capital House Pty Ltd – licence cancelled July 11, 2025;
- David Anthony Ross – licence suspended June 4, 2025;
- Glove Finance Pty Ltd – licence cancelled March 25, 2025;
- JTan Pty Ltd – licence cancelled March 31, 2025;
- M&H Pty Ltd – licence cancelled July 3, 2025;
- Oz Finance Professional Pty Ltd – licence cancelled April 2, 2025;
- Peppermint Loans Pty Ltd – licence cancelled June 27, 2025;
- Sheree Nicole Becker – licence cancelled June 27, 2025.
The licensees have varyingly:
- failed to be a member of AFCA;
- failed to lodge annual compliance certificates on time;
- failed to pay industry funding levies owed to ASIC;
- ceased to engage in credit activities.
ASIC has the power to cancel a credit license under section 55 of the Credit Act, if a credit license holder has contravened its general conduct obligations under section 47.
