Corporate Fraud

Which laws govern businesses and business people?

In Australia, businesses are governed by both NSW state law and by Commonwealth law. Directors and other employees of companies are subject to all the NSW state based offences as well as all the applicable Commonwealth legislation.
The two key acts governing business are the Corporations Act and the ASIC Act.  These Acts also cover financial services and markets, like the stock exchange.  These two acts and their accompanying regulations form the backbone of corporate governance in Australia.

Who enforces the laws?

Corporate law is enforced by the Australian Securities and Investments Commission (ASIC) and the Commonwealth Director of Public Prosecutions. (DPP).  Breaches of corporations law can have very serious consequences for business people.

What are the penalties?

ASIC has the power to freeze an individual’s assets and ban directors from holding positions of authority within a company.  If prosecuted, individuals can face heavy fines, a range of non-custodial sentences and, in very serious matters, full time prison. It often doesn’t matter whether the company in question was small or very large.
By getting advice sooner rather than later, damage can often be minimised and risks contained.
Make sure your interests are fully protected. Talk to one of our team of specialist corporate crime lawyers today.