Charges laid against two financial services companies

Following an investigation by ASIC, two financial services companies have been charged in separate proceedings with multiple criminal offences relating to the failure to lodge financial accounts with ASIC.

APC Securities Pty Ltd, formerly known as McFaddens Securities Pty Ltd, and Brava Capital Pty Ltd, formerly known as Dayton Way Securities Pty Ltd, appeared in the Sydney Downing Centre Local Court on 24 October 2023, 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 APC Securities and Brava Capital each failed to lodge their financial accounts and auditor’s report for each of the financial years from 30 June 2020 to 30 June 2022.

Both matters were adjourned to 21 November 2023 for further mention.

ASIC is actively targeting breaches of financial reporting obligations as required by the Corporations Act. Failure to lodge audited financial statements may result in cancellation of a licensee’s Australian financial services (AFS) licence.

Both matters are being prosecuted by the Commonwealth Director of Public Prosecutions.

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