Three former directors of a collapsed funeral fund that marketed insurance to Aboriginal families have been fined a total of $90,000 and banned from managing corporations for between five and ten years. Federal court justice Geoffrey Kennett found that the directors breached their duties to clients, ordering the former Youpla Group director Jonathan Law to pay $50,000 and disqualify him for six years. The ruling highlights the legal consequences for corporate misconduct in the insurance sector.
Three directors were fined a combined $90,000 in federal court judgment and disqualified from managing a corporation for between five and 10 yearsGet our breaking news email, free app or daily news podcastThree directors of a collapsed funeral fund that marketed insurance to Aboriginal families have been banned from managing corporations for at least five years and ordered to pay a combined $90,000 after being found to have breached their duties to clients.On Wednesday, federal court justice Geoffrey Kennett ordered the former director of the insurance company Youpla Group, previously the Aboriginal Community Benefit Fund (ACBF), Jonathan Law, to pay the commonwealth $50,000 and disqualified him from managing corporations for six years. Continue reading...
