Fines


The most common penalty for breaching a statutory regulations is a fine. These fines can be very large. For many serious corporate crime offences a fine will not be an adequate penalty and the only penalty that the court may consider will be prison.

Before imposing a fine on a person for a federal offence, a court must take into account the financial circumstances of the person, in addition to any other matters that the court is required or permitted to take into account: s. 16C Crimes Act 1914 (Cth).

The following table outlines the maximum fines that can be imposed by courts for the more common Commonwealth corporate crime offences.

ASIC Offences

Offence Maximum fines for individuals Maximum fines for corporations (if applicable) Relevant Statutory Provision
Carrying on financial services business without a licence Fine of $22,000 N/A Section 1041A of the Corporations Act 2001 (Cth)
Dishonest use of position Fine of $220,000 N/A Section 184(2) of the Corporations Act 2001 (Cth)
Falsification of books Fine of $220,000 N/A Section 1308 of the Corporations Act 2001 (Cth)
Insider trading Fine of $22,000 N/A Section 1043A of the Corporations Act 2001 (Cth)
Manage corporation whilst disqualified Fine of $5,500 N/A Section 206A1 of the Corporations Act 2001 (Cth)

 

Bankruptcy Offences

Offence Maximum fines for individuals Maximum fines for corporations (if applicable)
Making false statements to the trustee Fine of $6,600 N/A
Obtaining credit without disclosing bankruptcy Fine of $19,800 N/A
Obtaining property by fraud as a bankrupt Fine of $19,800 N/A

 

Tax Fraud

Offence Maximum fines for individuals Maximum fines for corporations (if applicable) Relevant Statutory Provision
Obtain a financial Advantage by Deception Fine of $66,000 Fine of $66,000 Division 134 of the Criminal Code Act 1995 (Cth)
Conspiracy to defraud Fine of $66,000 Fine of $66,000 Division 135.4 of the Criminal Code Act 1995 (Cth)

WHERE TO NEXT?

If you suspect that you may be under investigation, or if you have been charged with an offence, it is vital to get competent legal advice as early as possible. Our lawyers are highly specialised in corporate crime and will be able to guide you through the process while dealing with the various authorities related to your matter.

WHY CHOOSE ARMSTRONG LEGAL?

Legal Hotline.
Open 7am - Midnight, 7 Days
Call 1300 038 223