ASIC bans director behind $50m Magnolia Group collapse

ASIC has disqualified a former Magnolia Capital Group director from managing corporations for five years and banned him from financial services or credit activities for 10 years, after finding that he put investor funds at risk, created false documents, co-mingled investor funds and displayed a lack of competence, professionalism and financial management. More from Accountants Daily (free subscription required to access content).