CTHFCA
Australian Securities and Investments Commission v LGSS Pty Ltd
[2024] FCA 665
Federal Court of Australia|2024-06-20|Before: O'Callaghan J
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Source factsCourt
Federal Court of Australia
Decision date
2024-06-20
Before
O'Callaghan J
Source
Original judgment source is linked above.
Judgment (8 paragraphs)
[1]
- During the Relevant Period, LGSS, in trade or commerce, made representations in connection with the supply of financial services, and the promotion of the supply of financial services, in contravention of s 12DB(1)(a) of the ASIC Act, in that: (a) LGSS made the representation at item 1 of Annexure A from 25 May 2021 to 28 February 2023, but contrary to that representation it in fact held the investments identified in Table 1 of Annexure B, each of which were investments in companies that derived more than 10% of their revenue from gambling; (b) LGSS made the representation at item 2 of Annexure A from 25 May 2021 to 1 March 2023, but contrary to that representation it in fact held the investments identified in Table 1 of Annexure B, each of which were investments in companies that derived more than 10% of their revenue from gambling; (c) LGSS made the representation at item 5 of Annexure A from 28 October 2021 to 1 March 2023, but contrary to that representation it in fact held the investments identified in Table 1 of Annexure B, each of which were investments in companies that derived more than 10% of their revenue from gambling; (d) LGSS made the representation at item 6 of Annexure A from 28 October 2021 to 1 March 2023, but contrary to that representation: (i) it in fact held the investments identified in Table 1 of Annexure B, each of which were investments in companies that derived more than 10% of their revenue from gambling; and (ii) it in fact held the investments identified in Table 4 of Annexure B, each of which were investments in companies that derived revenue from oil tar sands; (e) LGSS made the representation at item 11 of Annexure A from 19 January 2022 to 8 August 2023, but contrary to that representation it in fact held the investments identified in Table 1 of Annexure B, each of which were investments in companies that derived more than 10% of their revenue from gambling; and (f) LGSS made the representation at item 13 of Annexure A from October 2021 to May 2023, but contrary to that representation it in fact held the investments identified in Table 5 of Annexure B, each of which were investments in companies that derived one-third or more of their revenue from coal mining; (g) LGSS made the representation at item 15 of Annexure A from 20 December 2022 to March 2023, but contrary to that representation it in fact held the investments identified in Table 3 of Annexure B, each of which were investments in companies that derived revenue from Russia; (h) LGSS made the representation at item 16 of Annexure A from 20 December 2022 to March 2023, but contrary to that representation it in fact held the investments identified in Table 3 of Annexure B, each of which were investments in companies that derived revenue from Russia; (i) LGSS made the representation at item 17 of Annexure A from May 2022 to April 2023, but contrary to that representation it in fact held the investments identified in Table 3 of Annexure B, each of which were investments in companies that derived revenue from Russia; (j) LGSS made the representation at item 18 of Annexure A from 20 December 2022 to March 2023, but contrary to that representation: (i) it in fact held the investments identified in Table 1 of Annexure B, each of which were investments in companies that derived more than 10% of their revenue from gambling; and (ii) it in fact held the investments identified in Table 4 of Annexure B, each of which were investments in companies that derived revenue from oil tar sands.