Huntley Management has admitted to two contraventions of s12DB(1)(e) of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) and the parties have filed a Statement of Agreed Facts.
ASIC and Huntley have agreed that Huntley failed to comply with the ASIC Act by making the statement that it ‘acts as responsible entity, custodian, trustee and/or manager for over 40 managed investment projects approved by the Australian Securities and Investments Commission’ (statement):
ASIC and Huntley agreed that the statement was false or misleading because ASIC did not approve the investment projects referred to in the statement; ASIC merely registered these projects, which were managed investment schemes.
The Court will hear joint submissions from ASIC and Huntley as to the appropriate penalty amounts. The final penalty amount is a matter that will be determined by the Court.
The proceedings are listed for a case management hearing on 25 October 2016.