Mark McIvor was found guilty in the Brisbane Magistrates Court on 22 August following six charges laid by ASIC for failing to provide a "report as to affairs" and deliver books and records to the liquidators of his three companies within 14 days of the winding up order for each company.
The companies involved were Chevron Capital Pty Ltd, MHSM Holdings Pty Ltd and SM Capital Pty Ltd.
Mr McIvor was the director of Equititrust Ltd, the responsible entity of two managed investment schemes (MISs) which were wound up in 2011 and 2012, owing approximately $200 million to 1,600 investors.
ASIC obtained orders in the Supreme Court of Queensland against Equititrust constraining the manner in which Equititrust was permitted to operate its two MISs in November 2011.
The corporate regulator suspended Equititrust's Australian Financial Services Licence in December 2011 due to the company's failure to comply with its obligation to maintain at least $5 million in net tangible assets. Equititrust also failed to comply with its auditing and compliance obligations, according to ASIC.
