3 months’ imprisonment and/or 10 penalty units 3 months’ imprisonment and/or 30 penalty units (individuals) (individuals) 50 penalty units (corporations) 300 penalty (corporations) 6 months’ imprisonment and/or between 25 and 6 months’ imprisonment and/or 60 penalty units 180 penalty units (individuals) (individuals) Between 125 and 900 penalty units (corporations) 600 penalty units (corporations) 1 year imprisonment and/or between 50 and 60 1 year imprisonment and/or 120 penalty units penalty units (individuals) (individuals) Between 250 and 300 penalty units (corporations) 1,200 penalty units (corporations) 2 years’ imprisonment and/or between 100 and 200 2 years’ imprisonment and/or 240 penalty units penalty units (individuals) (individuals) Between 500 and 1,000 penalty (corporations) 2,400 penalty units (corporations) 5 years’ imprisonment and/or between 200-2,000 5 imprisonment and/or 600 penalty units penalty units (individuals) (individuals) Between 1000-10,000 penalty units (corporations) 6,000 penalty units (corporations) 10 years’ imprisonment and/or 1,000 penalty units General formula does not apply, as discussed (individuals) above 5,000 penalty units (corporations) 10 years’ imprisonment and/or 4,500 penalty units or x3 benefits (individuals) 45,000 penalty units or x3 benefits or 10% annual turnover (corporations) Corporate offences fraud, in ASIC’s context, refers to serious misconduct engaged in by directors, other company officers and in some cases employees that gives rise to criminal liability. Perpetrators exploit their position in order to derive a benefit for themselves or someone else. Corporations Act contains a number of provisions relating to fraudulent conduct. The offence under section 184 has the most general application. Subsection 184(1) imposes criminal liability where a director or officer of a corporation acts recklessly or with intentional dishonesty and fails to fulfil his or her duties to the corporation. It provides: director or other officer of a corporation commits an offence if they: “A (a)are reckless; or (b)are intentionally dishonest; and fail to exercise their powers and discharge their duties:
3 months’ imprisonment and/or 10 penalty units (individuals) 50 penalty units (corporations) 3 months’ imprisonment and/or 30 penalty units (individuals) 300 penalty (corporations) 6 months’ imprisonment and/or between 25 and 180 penalty units (individuals) Between 125 and 900 penalty units (corporations) 6 months’ imprisonment and/or 60 penalty units (individuals) 600 penalty units (corporations) 1 year imprisonment and/or between 50 and 60 penalty units (individuals) Between 250 and 300 penalty units (corporations) 1 year imprisonment and/or 120 penalty units (individuals) 1,200 penalty units (corporations) 2 years’ imprisonment and/or between 100 and 200 penalty units (individuals) Between 500 and 1,000 penalty (corporations) 2 years’ imprisonment and/or 240 penalty units (individuals) 2,400 penalty units (corporations) 5 years’ imprisonment and/or between 200-2,000 penalty units (individuals) Between 1000-10,000 penalty units (corporations) 5 imprisonment and/or 600 penalty units (individuals) 6,000 penalty units (corporations) 10 years’ imprisonment and/or 1,000 penalty units (individuals) 5,000 penalty units (corporations) General formula does not apply, as discussed above 10 years’ imprisonment and/or 4,500 penalty units or x3 benefits (individuals) 45,000 penalty units or x3 benefits or 10% annual turnover (corporations) Corporate offences fraud, in ASIC’s context, refers to serious misconduct engaged in by directors, other company officers and in some cases employees that gives rise to criminal liability. Perpetrators exploit their position in order to derive a benefit for themselves or someone else. Corporations Act contains a number of provisions relating to fraudulent conduct. The offence under section 184 has the most general application. Subsection 184(1) imposes criminal liability where a director or officer of a corporation acts recklessly or with intentional dishonesty and fails to fulfil his or her duties to the corporation. It provides: “A director or other officer of a corporation commits an offence if they: (a)are reckless; or (b)are intentionally dishonest; and fail to exercise their powers and discharge their duties:
c2017-t229819.docx