ASIC has obtained interim journey restraint orders towards 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 courtroom directives.

The choice got here after a listening to on March 18, performed 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) relating to McGovern’s suspension.

ASIC’s investigation facilities across the alleged improper dealing with of time period deposit funds belonging to Dubber Company or one in all its subsidiaries, supposedly managed in belief by Madafferi. Presently, $26.6 million stays untracked, elevating vital issues about potential breaches of the Companies Act.

With the investigation in its early levels, neither McGovern, a British nationwide with everlasting residency in Australia, nor Madafferi, an Australian citizen, has had the possibility to formally deal with the allegations offered by ASIC’s software.

Upcoming courtroom proceedings

The case is scheduled for additional examination in courtroom on March 27, the place extra particulars relating to the alleged monetary misconduct and the futures of McGovern and Madafferi throughout the authorized framework will likely be mentioned.

Current ASIC actions embrace 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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