APC Securities, Brava Capital face charges after ASIC probe
The Australian Securities and Investments Commission charged both APC Securities and Brava Capital with failing to file financial accounts and audit reports.。
Following an investigation by the Australian Securities and Investments Commission (ASIC), two financial services companies were charged in separate proceedings with a number of criminal offences relating to failure to submit financial accounts to ASIC.。
APC Securities Pty Ltd (formerly McFaddens Securities Pty Ltd) and Brava Capital Pty Ltd (formerly Dayton Way Securities Pty Ltd) are charged with the following offences:
Three allegations of failure to file an income statement and balance sheet and three allegations of failure to file an audit report with the income statement and balance sheet。
According to the Australian Securities and Investments Commission, neither APC Securities nor Brava Capital filed financial accounts and audit reports for each financial year between 30 June 2020 and 30 June 2022.。
Both cases were adjourned for further hearing until 21 November 2023.。
The Australian Securities and Investments Commission is actively cracking down on breaches of financial reporting obligations under the Companies Act。Failure to submit audited financial statements may result in suspension of the licensee's Australian Financial Services (AFS) licence。
The federal attorney general is filing a lawsuit in both cases.。
APC Securities and Brava Capital are both linked to Sydney businessman David Sutton。Mr. Sutton is the sole director of APC Securities and a co-director of Brava Capital。
APC Securities Pty Ltd, also known as Dayton Way Financial Pty Ltd, Avalon Pacific Capital Pty Ltd and McFaddens Securities Pty Ltd, held AFS License No. 338 943 between September 16, 2009 and June 29, 2023.。
Brava Capital Pty Ltd was named Dayton Way Securities Pty Ltd before 31 August 2023 and held AFS licence number 382,585。
The maximum penalty for each failure of a body corporate to file an income statement and balance sheet (section 989B (2) of the Companies Act) is 133..$20,000。
The maximum penalty for each failure of a body corporate to submit an audit report (section 989B (3) of the Companies Act) in conjunction with the income statement and balance sheet is 133..$20,000。
On 29 June 2023, the Australian Securities and Investments Commission permanently prohibited David Sutton from providing any financial services, performing any functions in connection with the conduct of financial services business and controlling entities conducting financial services business.。Mr Sutton was also disqualified from managing the company for five years。
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