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Ann: Infringement Notice and Determination issued by ASIC, page-22

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villn808

569 Posts.

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13/12/18

16:38

Post #: 36850665
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Originally posted by msn81 ↑

Hey,

Just taking my time to read these notices and work out what it all means. I’m no lawyer, but think I am getting better at reading these listing rules and corporations acts etc – If there is a positive spin to be said about this – It’s a good learning exercise.

So how I see it:

BPG lied to Shareholders, Soar Labs had not progressed at all with the exchange (there was no evidence of Alpha Testing or any sign that any part of the exchange had been delivered by Soar Labs to BPG when they announced a progress report).

There are 2 main penalties imposed by ASIC on BPG:

Pay a Fine - $33,000. To which BPG have pretty much said they will pay, although that this should not be seen as them admitting guilt (of course not)

For the next year, ASIC will not support (do not give their ‘stamp of approval’ of BPG’s listed securities (shares). What I think they mean is that, ASIC don’t recommend this company to investors (but BPG will be allowed to trade – when we can resume trading - I Don’t Know).

When I logged into NABTrade and looked at my holdings I saw something I haven’t seen before:

View attachment 1390727

A great big warning against BPG.

When I clicked on the warning the two infringement announcements/notices popped up. Since clicking the infringements, the warning has now disappeared.

So I assume that this will appear against BPG for the next year, warning potential investors that BPG of this infringement.

Not elegant. But when I look up BPG in CommSec and click though as if I were to buy the stock – I can’t see any warnings. It may be because they are suspended – normally you get a warning when you place an order.

The first two lines of this article suggest the same:
https://unauthorised investment advice/tech/corporate-cop-asic-fines-crypto-wannabe-byte-power-33k/

ASIC has fined cryptocurrency wannabe Byte Power Group $33,000 for breaking continuous disclosure laws.

ASIC issued an infringement notice on Wednesday after deciding Byte Power Group (ASX:BPG) broke the Corporations Act by not keeping the market fully informed over December 2017 and January 2018.

Cheers
MSN

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Thanks for that. The second announcement made it a lot easier to understand.
BPG Price at posting: 0.9¢ Sentiment: Sell Disclosure: Held
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