Two former directors of collapsed retail over-the-counter derivatives provider Berndale Capital Securities Pty Ltd have been charged with dishonesty offences, including misusing over $1 million in company funds.
ASIC alleges that Stavro D’Amore and Daniel Kirby each unlawfully transferred Berndale company funds to benefit themselves and other associates and entities. Mr D’Amore is alleged to have used some Berndale company money to fund deposits for residential property purchases.
Mr D’Amore and Mr Kirby are also alleged to have made a false statement or submitted false or misleading documents to ASIC and an auditor of Berndale about overseas bank accounts containing Berndale funds. Mr Kirby is also alleged to have fabricated evidence related to Berndale funds in overseas bank accounts in Federal Court proceedings.
Berndale’s Australian financial services licence required it to maintain a minimum level of net tangible assets and lodge audited financial reports. ASIC alleges the relevant overseas funds and accounts either did not exist or were grossly inaccurate.
Mr D’Amore and Mr Kirby are next due to appear before the Melbourne Magistrates’ Court on 25 August 2023.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral by ASIC.