Odyssey Equity Finance Pty Ltd of Keilor East, Victoria, was sentenced on 24 April 2024 in the Dandenong Magistrates’ Court for failing to lodge financial reports with ASIC for each of the financial years ending 30 June 2020, 2021 and 2022.
The firm was charged with:
- Three counts of contravening s989B of the Corporations Act for failing to lodge a profit and loss statement and balance sheet; and
- Three counts of contravening s989C of the Corporations Act for failing to lodge an auditor’s report with the profit and loss statement and balance sheet.
Odyssey had pleaded guilty on 7 March 2024, but at the sentencing hearing, the firm’s legal representatives submitted that the error was due to the director’s ill health.
Her Honour Medina was not satisfied that the director’s medical treatment prevented compliance and noted that he had capacity to engage and instruct lawyers. However, his ill health and plea of guilty were mitigating factors.
Odyssey was discharged without conviction upon giving security by entering into a recognisance in the sum of $2,500 to be of good behaviour for a period of 12 months, pursuant to section 19B of the Crimes Act 1914.
However, this is far smaller than the maximum possible penalty which is $1,332,000 for failing to lodge a profit and loss statement, and $1,332,000 for failing to lodge an auditor’s report.
A special condition of the bond is that Odyssey is required to comply with outstanding reporting obligations within the period of the bond.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions following a brief and referral from ASIC.
The judge was quite undrstanding! THEN AASSIICC comes along and closes him down!All you 15600 people who work in the business could suffer the same fate GET OUT There are probably only 5/600 in the industry who would be immune to this lot JG