media release

AD09-44 NSW Supreme Court bans Sydney Investment House director for 25 years


The former director of the Sydney Investment House Group (SIH Group), Mr Edwin Goulding was banned yesterday by the Supreme Court of New South Wales from managing corporations for a period of 25 years.

Following an investigation and proceedings commenced by the Australian Securities and Investments Commission (ASIC) the Court had previously found that Mr Goulding had breached his duties as a director by allowing companies within SIH Group to make intercompany loans to insolvent entities, false or misleading statements to investors, and operate an unregistered managed investment scheme (refer AD08-74 NSW court finds Sydney investment house director misappropriated $4.2 million).

In fixing the period of disqualification of Mr Goulding the Court had regard to the fact that ‘a large body of serious breaches of duty has been established against him’ and that two principal factors in the assessment of the disqualification were: ‘…first the necessity of protection of the public; and secondly, the element of retribution and deterrence that is expressed in the disqualification.’


ASIC alleged that Mr Goulding of Sydney, fellow director Mr Stephen Geagea, and the eight companies within the SIH Group, were involved in a number of contraventions of the Corporations Act and ASIC Act including the operation of a financial services business without a licence.

ASIC was also concerned that some of the funds raised by the SIH Group were lent to related companies and trusts controlled by Mr Goulding in a manner contrary to statements made to the public.

In November 2008 the Court found that Mr Goulding had committed extensive breaches of his duties as a director.

ASIC settled it’s proceeding against Mr Geagea on 9 May 2008. Mr Geagea was also banned by the Court from providing financial product advice for five years and managing corporations until 31 December 2011.

Media enquiries: Contact ASIC Media Unit