Blacklist exposed: 1000 banned or disqualified Aussie directors, advisers named
From tech entrepreneurs to mining magnates and convicted criminals, hundreds of Australians are currently serving director and financial services bans or disqualifications for scandals and misconduct, with some barred for life. SEE THE LIST
The disgraced founders of failed tech start-up GetSwift, mining magnate Joseph Gutnick, and the former PwC partner who leaked confidential government tax information to clients are among close to 1000 Australians currently serving director and financial services bans or disqualifications, including hundreds barred for life.
GetSwift’s former chief executive Bane Hunter was disqualified from managing companies for 15 years for his role in misleading investors before the company’s collapse in 2022, while former directors Joel Macdonald and Brett Eagle are serving bans of 12 years and two years respectively.
Mr Gutnick, the former president of Melbourne Football Club, was banned for four years in 2024 for his role in three failed companies – Axis Consultants, Merlin Diamonds and Legend International Holdings.
SCROLL DOWN TO SEE THE FULL LIST
Legend and Merlin owed more than $43m to unsecured creditors, and ASIC found Mr Gutnick oversaw a number of breaches including insolvent trading.
According to data from the Australian Securities and Investments Commission, they are among hundreds of directors and financial advisers across all states and territories banned or disqualified for indiscretions ranging from failures to comply with regulations to fraud and criminal misconduct.
Most director bans are limited to five years and focus on insolvency, repeated breaches, and incompetence, but more serious criminal activity involving dishonesty, fraud and theft can result in much lengthier bans.
Melbourne financial advisers Barry King and Matthew Beresford were last month permanently banned from providing financial services.
Mr Beresford was found to have used a false identity and fraudulent bank accounts to establish a business that illegally offered financial advice. He had earlier been sentenced to 85 days imprisonment and a 30-month community corrections order.
“ASIC’s banning action against Mr Beresford seeks to promote fairness, honesty and professionalism by those who provide financial and credit services and ensure informed participation of investors and consumers in the financial system,” ASIC said at the time of the ban.
Mr King caused false documents to be provided to his clients, managed client funds without obtaining written authorisation and misused client funds by directing payment of those funds to his personal debts.
Other business identities currently serving ASIC bans include former PwC partner Peter Collins, who was handed an eight-year disqualification from providing financial services after revelations he leaked confidential government information about multinational tax avoidance laws with clients and colleagues.
Meanwhile after being slapped with a five-year director ban last year for her company’s false and misleading representations to consumers in the promotion and sale of its Real Estate Rescue and Master Wealth Control education programs, property spruiker Dominique Grubisa slipped into bankruptcy this week with just $73 in the bank and no other assets other than $5000 in jewellery.
Read related topics:The Chart Room
