Odyssey Equity Finance Pty Ltd (Odyssey) of Keilor East, Victoria, has appeared via legal representatives in the Dandenong Magistrates Court charged with multiple criminal offences relating to financial reporting.

Odyssey, an Australian financial services licensee, has been charged with: 

• three counts of failing to lodge a profit and loss statement and balance sheet; and
• three counts of failing to lodge an auditor’s report with the profit and loss statement and balance sheet.

ASIC alleges that Odyssey failed to lodge the reports for each of the financial years ending 30 June 2020, 2021 and 2022, as required under the Corporations Act. 

The matter was adjourned for mention on 7 March 2024 at the Dandenong Magistrates Court. 

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a brief and referral from ASIC. 

Background 

Odyssey Equity Finance Pty Ltd holds the ACN 096 603 799.  

The maximum penalty for a body corporate for each failure to lodge a profit and loss statement and balance sheet (s989B(2) of the Corporations Act) is $1,332,000.  

The maximum penalty for a body corporate for each failure to lodge an auditor’s report with the profit and loss statement and balance sheet (s989B(3) of the Corporations Act) is $1,332,000. 

This is the third recent prosecution of a financial services licensee by ASIC for contravention of s989B of the Corporations Act, following charges laid against APC Securities Pty Ltd and Brava Capital Pty Ltd on 24 October 2023 (23-287MR). 

Editor's note 1: 

On 7 March 2024, Odyssey Equity Finance pled guilty to the charges and the matter has been adjourned to 24 April 2024 to finalise the sentence hearing.