Asc Chases Dealers Over Late Returns
Sydney Morning Herald
Tuesday April 1, 1997
Three Victorian securities dealers face heavy fines and possible jail sentences after failing to lodge annual returns with the Australian Securities Commission.
The ASC has sought an order from the Melbourne Magistrates Court to force the dealers to lodge the documents required under the Corporations Law.
If they ignore the order, they could be fined up to $5,000 and imprisoned for one year.
The legal action is part of a statewide crackdown on 50 security dealers and investment advisers who have not sent the commission audited annual accounts that were due in September.
The ASC's Mr Richard Cockburn said tardiness in lodging returns put a question mark over the dealers' suitability to hold a licence.
Most of the 50 dealers contacted had since lodged their documents, he said.
© 1997 Sydney Morning Herald