MAFS star Justin Fischer banned from business for three years over failed Queensland companies
The Sydney entrepreneur who embarked on a public quest for love is fighting for his corporate career, with ASIC banning him for three years after he acted as a ‘shadow director’ for two failed Queensland companies who went under owing $500k.
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He was the millionaire businessman looking for love on Married At First Sight, now he is fighting to save his corporate career.
Soft serve entrepreneur Justin Fischer, who touted his business credentials on the Nine reality experiment last year, has been banned from managing companies for the next three years by corporate watchdog ASIC.
The 43-year-old founded global ice-cream empire Brullen, building and selling soft serve machines, a business that is said to be valued at $35 million.
Mr Fischer was a contestant on last year’s reality romance show MAFS and “married” marketing manager Carly Bowyer, however the pair’s relationship did not survive.
But the eastern suburbs businessman has found himself in trouble after acting as a “shadow director” for two failed Queensland companies.
Investigators from ASIC found Fischer’s management of the companies, despite not being a director, led to two of his own companies directly benefiting.
According to ASIC documents Mr Fischer did not act in the best interest of the two failed companies, which were liquidated owing about $543,000 to creditors.
Mr Fischer told The Daily Telegraph that the ban was all a misunderstanding.
“It’s a misunderstanding, my lawyers have lodged an appeal,” he said.
“There’s nothing interesting at this stage.
“They’re old businesses with an old business partner, I’ve not been involved with them for a long time.”
He said the two companies ASIC referred to were in hospitality.
Now he is attempting to revive his future in business, appealing the disqualification which was handed down earlier this year.
According to business extracts, the hospitality companies Mr Fischer has held roles at include Browns Plains Gourmet, Coffee By JLF, Platinum Catering Equipment and The Bondi Ice Cream Company.
His holding company Ocean Breeze Enterprises is the main shareholder for his successful ice cream company Brullen, but has been disqualified by ASIC.
His brother Scott Fischer is the minor shareholder in Brullen.
Mr Fischer has previously said Brullen was inspired by his time working at McDonalds as a teen, where he claimed soft serve machines would regularly break down.
Liquidators of the two Queensland companies had raised the alarm over Fischer’s actions with ASIC, and as part of its investigations found he did not act in good faith, or in the best interest of, the companies who eventually went bust.
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