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Thursday 6 September 2018

18-258MR Former company director convicted for failing to assist ASIC

Mr Paul Joshua Flackmorr of Mundoolum, Queensland, a former director of Mega Energy Gas Pty Ltd has been convicted for failing to assist ASIC in an investigation.

Mr Flackmorr failed to attend a formal examination in Brisbane on Friday 12 May 2017 and provide ASIC with assistance in response to ASIC issuing a notice under s19 of the Australian Securities and Investments Commission Act (ASIC Act). Mr Flackmoor’s examination related to Mr Flackmorr’s involvement with Adam John Copping, who ASIC successfully prosecuted, resulting in a conviction for fraudulently removing company property (refer: 18-227MR).

Mr Flackmorr pleaded guilty to intentionally or recklessly failing to comply with a requirement made under the ASIC Act. Mr Flackmorr was convicted in the Brisbane Magistrates' Court and fined $900 on 10 August 2018.

The Commonwealth Director of Public Prosecutions prosecuted the matter.

Background

ASIC has coercive powers under the ASIC Act to allow it to perform or exercise its functions and powers, including the service of Notices on persons to attend examinations.

Failing to comply with a Notice is a criminal offence under s.63 of the ASIC Act and carries a maximum penalty of 100 penalty units or imprisonment for two years, or both.

ASIC 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.

Suspected phoenix activity can be reported to the Phoenix Taskforce on 1800 060 062 or online at the ATO website.

Last updated: 06/09/2018 12:00