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Friday 21 January 2022

22-004MR Former Spaceship Capital CEO banned from providing financial services

ASIC has banned former Spaceship Capital Limited director and CEO Paul Kevin Bennetts, of Elanora Heights, New South Wales, from providing financial services for a period of 6 years, after an ASIC investigation found he had dishonestly obtained his Australian Institute of Company Directors (AICD) qualification.

Mr Bennetts was a director and responsible manager of Spaceship Capital and the company’s CEO between 2017 and 2019. Spaceship Capital operates managed investment schemes and is the promoter of the Spaceship Super Fund.

Around October 2018, Mr Bennetts asked a Spaceship Capital compliance officer to complete his assessments for an AICD course on his behalf and without his involvement. ASIC found that Mr Bennetts’ actions amounted to serious misconduct, as he sought and obtained an AICD qualification by acting dishonestly.

This conduct occurred while Mr Bennetts held a very senior position in a financial services company. ASIC found that his actions placed a subordinate staff member in a very difficult position and constituted a misuse of Spaceship Capital’s resources for his personal gain.

Although Mr Bennetts accepted that he acted dishonestly and has expressed remorse, ASIC found that he had knowingly engaged in wrongful conduct and had therefore failed to maintain the high standards expected of a provider of financial services.

The ban prevents Mr Bennetts from providing any financial service, controlling an entity that carries on a financial services business and performing any function involved in carrying on a financial services business.

Mr Bennetts has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

The banning has been recorded on the Banned and Disqualified Persons Register.

Last updated: 21/01/2022 12:00