Wednesday 28 February 2007 LAWFUEL – Law News Network – Mr Spartaco Fasciale, of Moonee Ponds, Victoria, appeared yesterday in the Melbourne Magistrates Court on charges brought by the Australian Securities and Investments Commission (ASIC). Mr Fasciale, the sole director of Fasciale Futures Trading Pty Ltd (in liquidation) (Fasciale Futures), has been charged with 15 counts of obtaining a financial advantage by deception and 108 counts of breaching director’s duties. These charges follow an ASIC investigation into Mr Fasciale’s conduct between March 2004 and May 2006.
During this period, ASIC alleges nine individuals collectively invested over $1.4 million with Fasciale Futures and that their principal investments have to date not been repaid. The matter will return to the Melbourne Magistrates Court on 22 May 2007 for a committal mention hearing. The Commonwealth Director of Public Prosecutions is prosecuting the matter. Background On 10 May 2006, ASIC commenced urgent ex-parte proceedings following concerns raised by individuals that returns due from their investments with Fasciale Futures and/or Mr Fasciale had not been paid, and that Mr Fasciale was a flight risk. ASIC also obtained interim orders restraining Fasciale Futures from dealing with its assets and prohibiting Mr Fasciale from leaving Australia.
On 24 May 2006, ASIC obtained final orders by consent in the Federal Court of Australia to wind up Fasciale Futures on the grounds of insolvency and that it was just and equitable to do so. The Court also restrained Mr Fasciale from dealing with or disposing of his assets until further orders and from leaving Australia until August 2007. Mr Fasciale consented to these orders being made. On 19 February 2007, the Court by consent discharged the restraining order relating to Mr Fasciale’s assets. For further information contact: Allen Turton Deputy Executive Director, Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310List your legal jobs on the LawFuel Network