Investor and entrepreneur Michael Boyd has been rapped over the knuckles by the Australian Securities and Investments Commission and his company Fulcrum Equity fined $15,000 after failing to lodge annual accounts.
Investor and entrepreneur Michael Boyd has been rapped over the knuckles by the corporate regulator and his company Fulcrum Equity fined $15,000 after failing to lodge annual accounts.
The latest action follows the delisting of Fulcrum shares from the Australian Securities Exchange last August.
Fulcrum was fined $15,000 by the Melbourne Magistrates Court for failing to lodge its annual financial reports with ASIC and not reporting to its members.
An ASIC investigation found that between 1 November 2008 and 18 November 2010 Fulcrum failed to hold an annual general meeting, and its company director and secretary, Michael Boyd, failed in his obligations to lodge the company's financial report, directors' report, auditor's report or a concise report for the financial year.
Mr Boyd pleaded guilty to the offences but had no conviction recorded against him.
Fulcrum, formerly known as Quadrant Iridium, sold its last major asset (an interest in the Iridium satellite business) in 2008.
Mr Boyd, who is from Perth but moved to Melbourne, is best known as a healthcare entrepreneur, having played a significant role in Sonic Healthcare and Foundation Healthcare.
ASIC Commissioner, Dr Peter Boxall, said that the requirement for public companies to lodge annual returns with ASIC is an important function to demonstrate openness and transparency.
'ASIC takes the non-lodgement of important company information seriously and we'll continue to take action to send a message to the market,' Dr Boxall said.