The case is about to return to court docket on March 27
ASIC has obtained interim journey restraint orders in opposition to Stephen Vincent McGovern, the managing director and CEO of Dubber Company, and Mark Madafferi, a solicitor and the principal of Christopher William Authorized.
These orders, issued by the Federal Court docket, prohibit each McGovern and Madafferi from leaving Australia till Sept. 13, pending additional court docket directives.
The choice got here after a listening to on March 18, carried out on an ex-parte foundation, the place the defendants weren’t current to supply their responses.
Background of the ASIC probe
The inquiry into the conduct of McGovern and Madafferi was initiated on March 1, following notifications by Dubber Company to each ASIC and the Australian Securities Alternate (ASX) concerning McGovern’s suspension.
ASIC’s investigation facilities across the alleged improper dealing with of time period deposit funds belonging to Dubber Company or certainly one of its subsidiaries, supposedly managed in belief by Madafferi. Presently, $26.6 million stays untracked, elevating vital issues about potential breaches of the Firms Act.
With the investigation in its early phases, neither McGovern, a British nationwide with everlasting residency in Australia, nor Madafferi, an Australian citizen, has had the prospect to formally tackle the allegations introduced by ASIC’s utility.
Upcoming court docket proceedings
The case is scheduled for additional examination in court docket on March 27, the place extra particulars concerning the alleged monetary misconduct and the futures of McGovern and Madafferi inside the authorized framework can be mentioned.
Current ASIC actions embody the everlasting ban on Brian Jacques Creigh, the director of funding firm Panacea Capital, and on Shane Rose, who has labored with Octillion Associate, from offering monetary companies or partaking in a monetary companies enterprise.
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