Mr Joshua David Fuoco has been convicted of one count of managing a corporation whilst disqualified after pleading guilty in the Melbourne Magistrates Court.
Mr Fuoco, who pleaded guilty, was convicted and fined the sum of $6,000.
Mr Fuoco was previously disqualified by ASIC in 2016 from managing corporations for two years and six months, after two companies of which he was a director, FP Investment Parties Pty Ltd and Equilibrium FS Pty Ltd, were wound up.
Following its investigation, ASIC alleged that for over a year, Mr Fuoco was involved in the running of Financial Circle Pty Ltd, a company that provided small loans. His involvement included:
- making key decisions on consumer loan arrangements on behalf of Financial Circle;
- giving instructions to other employees and officers of the company, including its directors; and
- dealing with staff, wages and invoices, telemarketing scripts, website content and the sale of client books.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a brief and referral from ASIC.
Managing a corporation while disqualified is contrary to s206A(1) of the Corporations Act.
At the time of the alleged offending, the charge of acting in the management of a corporation whilst disqualified carried a maximum penalty of imprisonment for one year and/or 50 penalty units.
Mr Fuoco was initially charged with four offences. Three charges of acting whilst disqualified were rolled up into the single charge he pleaded guilty to, with the fourth charge of failing to deliver books withdrawn (20-278MR).