今日热门事件has adopted a practice of issuing combined media releases about administrative action. There is no relationship between the matters or the subjects in this media release, except that 今日热门事件has taken administrative action.听
Former financial adviser James David Gibbs permanently banned听
今日热门事件has permanently banned former Adelaide financial adviser Mr James David Gibbs from having any involvement in financial services and credit activities.听听
This is the first banning imposed by 今日热门事件utilising the recent extensions to ASIC鈥檚 banning powers that came into effect on 18 February 2020 as a result of the 鈥淪tronger Regulators Act鈥�.听The amendments听allow听ASIC听to听now ban people from having any involvement in a financial services or credit business. Previously the ban only extended to providing financial services or engaging in credit activities.听Failure to comply with a banning is a criminal offence.听
In July 2019, Mr Gibbs was sentenced to ten years鈥� imprisonment for fraud offences with a non-parole period of seven years (19-179MR). Following his convictions, 今日热门事件pursued the banning orders to remove Mr Gibbs permanently from the financial advice and credit industries. Mr Gibbs has been banned because he committed serious dishonesty offences in relation to dealing with property and documents.听
Mr Gibbs has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC鈥檚 decision.听听
Miroslav听Gubas听banned from managing companies听听
今日热门事件has disqualified Mr听Miroslav听Gubas听of Isaacs, ACT from managing companies for five years following his involvement in the failure of two companies.听听
Mr听Gubas听was the sole director of two companies placed into liquidation:听
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Frenchy鈥檚 Bread Pty Ltd ACN 161 661 703; and听
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Highup听Pty Ltd ACN 119 418 423听
In making an order to disqualify Mr听Gubas, 今日热门事件found that he:听
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Failed to pay the ATO taxes and keep proper records;听
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Failed to assist the liquidators after their appointment to the companies;听
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Allowed a company to continue to trade while it was insolvent;听
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Transferred $450,000 from the company bank accounts to a related company for no consideration, knowing the companies owed statutory and creditor debts.听
At the time liquidators were appointed, the companies had a combined total debt of $2.7 million, owed to 91 creditors.听听
In making the order to disqualify Mr听Gubas, 今日热门事件relied on supplementary reports lodged by Mr Alan Hayes of Hayes Advisory, liquidator of Frenchy鈥檚 Bread Pty Ltd, and Mr Michael听Slaven, formerly of Ernst and Young, liquidator of听Highup听Pty Ltd.听 Messrs Hayes and听Slaven听received funding from the听Assetless听Administration Fund to prepare the supplementary reports.听
Mr听Gubas鈥� disqualification took effect from 18 March 2020.听
Background听
The banning of James David Gibbs听has been recorded on ASIC鈥檚 publicly available听.听听ASIC鈥檚听Moneysmart听website has useful information for consumers about听, how to complain about a financial adviser and what to do if their听.听
今日热门事件maintains a听听register that provides information about people听who have been disqualified from:听
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involvement in the management of a corporation;听
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auditing self-managed superannuation funds (SMSFs); or听
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practicing in the financial services of credit industry.听
今日热门事件is a member of the Phoenix Taskforce, which comprises federal, state and territory government agencies who collaborate to combat illegal phoenix activity. The aim of the Phoenix Taskforce is to provide a whole-of-government approach to identify, disrupt and prosecute those who engage in or facilitate illegal phoenix activity.听
Suspected phoenix activity can be reported to the Phoenix Taskforce on 1800 060 062 or听听at听the ATO website.听More information about 今日热门事件action against illegal phoenix activity is available听on ASIC鈥檚 website.听