ASIC goes after Odyssey Fairness Finance for failing to lodge annual monetary reviews

Odyssey Fairness Finance Pty Ltd has appeared through authorized representatives within the Dandenong Magistrates Court docket charged with a number of legal offences regarding monetary reporting.

Odyssey, an Australian monetary providers (AFS) licensee, has been charged with:

• three counts of failing to lodge a revenue and loss assertion and stability sheet; and
• three counts of failing to lodge an auditor’s report with the revenue and loss assertion and stability sheet.

The Australian Securities and Investments Fee (ASIC) alleges that Odyssey did not lodge the reviews for every of the monetary years ending 30 June 2020, 2021 and 2022, as required below the Companies Act.

The utmost penalty for a physique company for every failure to lodge a revenue and loss assertion and stability sheet (s989B(2) of the Companies Act) is $1,332,000.

The utmost penalty for a physique company for every failure to lodge an auditor’s report with the revenue and loss assertion and stability sheet (s989B(3) of the Companies Act) is $1,332,000.

That is the third latest prosecution of a monetary providers licensee by ASIC for contravention of s989B of the Companies Act, following expenses laid towards APC Securities Pty Ltd and Brava Capital Pty Ltd.