Birds of a feather fail together... Citizen Tucker has a date with destiny on the 11th of July 2017.
Citizen McIvor
The career of former Gold Coast high flyer, Mark McIvor, is not yet officially over despite bankruptcy and a lifetime ban from the financial services industry over the collapse of Equititrust.
This week, ASIC said the
Administrative Appeals Tribunal has rejected McIvor's application for a "stay" on the life ban while he appeals against the decision.
It seems his application to the AAT had a few deficiencies – which is not a surprise for the man who ran Equititrust into the ground leaving a $200 million hole, and many retirees without a nest egg.
The AAT said McIvor had not made an affidavit "as to the matters in controversy".
The AAT also found that McIvor had evaded the serving of ASIC's banning order despite his legal team being informed that he was required to do so.
Announcing his original ban last year, ASIC said he "is banned from providing any financial services on the basis that he had contravened a financial services law and was not of good fame or character to provide financial services. His conduct involved breaches of the financial services legislation, which were considered to be very serious, repetitive, prolonged and dishonest."
His transgressions include signing 28 board meeting minutes, from meetings that never were.
CBD can also report he was not nice to his mother.
She was forced to sell her home by receivers despite a Brisbane Supreme Court finding that her son had coerced her into signing massive mortgages over the home to benefit his business.
She might be a little alarmed to discover her son is now a "citizens advocate", according to a
Linkedin profile in his name. The profile also referred to his current vocation as "Entrepreneur @ The Mutual Australian".
CBD found a reference to The Mutual Australian (TMA) at the web site for Mi Citizens Union which describes TMA thus: "Deep consideration of a strategy to respond to the emergence of the major bank cartel post GFC has resulted in the company believing that there is a need for community investment banking capacity co-owned by the regional communities they serve.
"Foundational to this concept is the establishment of a not for profit trust called The Mutual Australian. The trust's purpose will be to draw attention to the problem, and strategically guide implementation of a solution and manage the share of profit to the community."
CBD is sure ASIC is giving the enterprise an appropriate amount of attention.
http://www.smh.com.au/business/cbd/...ens-enjoy-birthday-gongs-20160609-gpfia5.html