Regulatory Alerts2025-09-01
Open4Sale Global Directors Fined $2.8 Million for Fundraising Breaches
The Federal Court imposed a total of $2.8 million in penalties on Open4Sale Global directors Simeon La Barrie and Ewald Hafer for raising over $1.3 million from investors without providing compliant disclosure documentation to ASIC. The court found that the directors breached the Corporations Act by distributing marketing pitch decks with unverified revenue forecasts instead of statutory disclosure documents, while La Barrie misappropriated investor funds for personal expenses. In addition to the financial penalties, La Barrie was disqualified from managing corporations for 12 years and Hafer for 8 years, with both directors restrained from future non-compliant fundraising.
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