Apparently ASIC released a statement saying new legislation...

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seamisty

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19/02/19

13:04

Post #: 37484209
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Originally posted by seamisty: ↑

Friday 15 February 2019
19-031MR Queensland lawyer pleads guilty to giving false or misleading information to ASIC
Mary-Anne Greaves, of Mount Sheridan, Queensland, has pleaded guilty before the Brisbane Magistrates’ Court to one count of giving false or misleading information to ASIC.
The examination of Ms Greaves, a former lawyer, was part of an investigation conducted by ASIC into a 2015 takeover bid by G8 Education Limited (G8 Education) for ASX-listed Affinity Education Group Limited (Affinity). The investigation included enquiries into alleged undisclosed arrangements between G8 Education and West Bridge Holdings Pty Ltd (West Bridge) for the acquisition of Affinity shares as part of the takeover bid.
The charge related to Greaves’ false denial, on 2 June 2016, during an ASIC examination under oath, that she had not been provided information relating to the acquisition by West Bridge of Affinity shares at the time of the takeover bid by G8 Education.
The matter has been listed for a sentencing hearing before the Brisbane Magistrates’ Court on 24 May 2019.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

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Apparently ASIC released a statement saying new legislation will soon give it the power to pursue harsher civil and criminal penalties for corporate executives who break the law.
Civil penalties will increase to $1.05 million, while the maximum prison sentence for serious criminal breaches of corporate law will increase to 15 years.

According to an article written by Sam Jacobs on '*' I couldn't paste the link

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