ASIC finalises proceedings with Jamie McIntyre
Friday 10 August 2007
ASIC and Mr Jamie Neville McIntyre have resolved proceedings, commenced by ASIC in the Supreme Court of Queensland in 2002.
The proceedings related to alleged breaches of the Corporations Act by Mr McIntyre concerning a wealth creation business carried on under the name ‘21st Century Academy’ and Mr McIntyre’s management, as sole director, of the following companies: Visual Changes Pty Ltd (Visual), Cashflow Creation Pty Ltd, JNMAC Pty Ltd, JNMAC2 Pty Ltd and Jaymac Communications Aust No 2 Pty Ltd (the McIntyre companies). Some of the McIntyre companies were involved in the 21st Century Academy business. The McIntyre companies were wound up in 2002 and 2003, following applications made by ASIC (see ASIC media releases 02/115, 02/185, 02/190 and 03/124).
In the proceedings against Mr McIntyre, ASIC sought:
· declarations of contraventions of civil penalty provisions of the Act;
· the imposition of a pecuniary penalty order in relation to those contraventions;
· an order that Mr McIntyre pay compensation to Visual, being money borrowed by Visual from investors (at the behest of Mr McIntyre); and
· an order that Mr McIntyre be disqualified from managing a corporation.
ASIC has agreed to discontinue the proceedings in consideration of Mr McIntyre undertaking to repay investors who lent money to Visual, enrolling in and completing a company director’s course with the Australian Institute of Company Directors and, contributing to the outstanding fees of the liquidator of the McIntyre companies.
As a result of the discontinuance of the proceedings, restrictions relating to Mr McIntyre’s ability to deal with his assets and travel overseas have been discharged.