Odyssey Equity Finance Pty Ltd has been sentenced in the Dandenong Magistrates' Court for failing to submit financial reports to ASIC for each of the financial years ending June 30, 2020, 2021 and 2022, respectively.

Odyssey, an Australian financial services licensee, was charged:

three counts of contravening s989B of the Corporations Act for failing to lodge a profit and loss account and balance sheet; and three counts of contravening s989C of the Corporations Act for failing to lodge an audit report with the profit and loss account and balance sheet.

On March 7, 2024, Odyssey entered a guilty plea. At the sentencing hearing on April 24, 2024, Odyssey, through its legal representatives, submitted that Odyssey's failure to submit financial reports to ASIC was not intentional, but was the result of the director's ill health.

Hon. Medina expressed dissatisfaction that the director's medical condition prevented compliance and noted that he was capable of retaining and instructing counsel. However, his ill health and guilty plea were mitigating factors.

Pursuant to section 19B of the Crimes Act 1914 (Cth), Odyssey was discharged without conviction after providing a $2,500 surety bond and maintaining good behavior for a period of 12 months.

A special condition of the bond was that Odyssey had to fulfill outstanding reporting obligations during the term of the bond.

Australian financial services licensees typically manage large amounts of client funds and failure to file annual accounts and audit reports can impede ASIC's ability to determine a licensee's true financial position and the value of funds held on behalf of clients.

On the basis of ASIC's brief and referral, the Commonwealth Attorney-General prosecuted the matter.

The maximum fine for each failure by a body corporate to file a profit and loss account and balance sheet (section 989B(2) of the Corporations Act) is $1,332,000.

The maximum fine for each failure by a body corporate to submit an audit report with its profit and loss account and balance sheet (section 989B(3) of the Corporations Act) is $1,332,000.