Scandal Ex-Melbourne player Joel MacDonald accused of misleading shareholders

[Murphkreuzmitch]

not surprised. I trialled the software and everything they claimed they could do was limited. Great if your a pizza delivery guy, but of zero use if you have differing freight profiles or running a fleet.

They market what they can't do to customers so am not surprised they have made empty promises and omitted information to shareholders. Really ordinary tactics to secure business and investors.

 

[The 747]

Given themselves a couple of hundred grand pay rise despite losing $5million with revenue under $500k, from memory in the AFR today.

Very poorly governed company by the looks. Need a new, independent board.

Well they did learn something about how to run companies, gotta pay yourself more while the ship is going under.

 

[The 747]

That seems pretty stupid, but believable, if that makes sense.

I guess the answer to ‘why is it different?’ is just ‘rich people’?

Generally, outside of some specific rules which another poster referred to, governments are not keen to get involved in investments as an umpire. If you want to give some blokes 200K in the hope you might make 400K that's up to you to do your research and take the risk. It's not the same as buying a product.

 

[craffles]

Where is this at?

 

[Atomboy]

Where is this at?

Scammers and investment Bankers make a ton of cash and shareholders get stitched - what else is new ?.

 

[The Final Word]

Where is this at?

21-298MR ASIC successful in Federal Court against GetSwift and its directors Bane Hunter, Joel Macdonald and Brett Eagle | ASIC

asic.gov.au

" The Federal Court has found technology and services company GetSwift Limited (GetSwift) made misleading statements and breached its continuous disclosure obligations " ......

" The Court also found GetSwift directors Mr Bane Hunter and Mr Joel Macdonald failed to meet their obligations as directors due to their involvement in the announcements made to the ASX, and that they were both knowingly concerned in multiple continuous disclosure breaches made by GetSwift. "....

" ASIC will now seek pecuniary penalty orders against GetSwift, Mr Hunter, Mr Macdonald and Mr Eagle. ASIC will also seek orders disqualifying Mr Hunter, Mr Macdonald and Mr Eagle from managing corporations. "

 

[NorthcoteDee]

Has anyone seen The Producers?

 

[Islanda22]

Ex Lion

 

[WillHayward]

Cat and mouse chase of former Dee over $15 million legal claim by teammate

Lawyers trying to serve legal documents on former AFL player Joel Macdonald have been unable to track down the elusive former footy star.

www.theage.com.au

Former AFL player handed $1m fine, ban as GetSwift hit with penalties

The one-time tech darling has been ordered to pay $15 million, while retired AFL star and former director Joel Macdonald was disqualified from corporate management for 12 years.

www.smh.com.au

‘Unacceptable face of start-up capitalism’: GetSwift fined $15m

In a damning 70-page penalty decision, Justice Michael Lee said the founders of GetSwift showed no remorse.

www.afr.com

 

[craffles]

This should be huge news but shows how dumb the Australian population is. The significance of a former footballer getting one of the highest personal fines ever is much more newsworthy than most stuff even about current players. Guarantee it won’t make afl.com.au

 

[HTPunter]

This should be huge news but shows how dumb the Australian population is. The significance of a former footballer getting one of the highest personal fines ever is much more newsworthy than most stuff even about current players. Guarantee it won’t make afl.com.au

It’s made the news? And not much obscure ex player negative news comes from AFL.com.au anyway.

 

[Toump Ass]

Carn Dees.

 

[PrisonBars4life]

This should be huge news but shows how dumb the Australian population is. The significance of a former footballer getting one of the highest personal fines ever is much more newsworthy than most stuff even about current players. Guarantee it won’t make afl.com.au

The magnitude of the fine isn't as much of an issue, the legislation was changed about 5 years ago and the fines were increased substantially. The term of disqualification is at the upper end though. 1-2 years is not uncommon for mundane things. Adler got 20 and he went to jail. Vizard got 10 after the federal court judge dummy spat about ASIC being softcocks and Finklestein was a tough on white collar crime judge (and it should have been dealt with criminally). If he got 12 years, that's at the upper end of misconduct.

 

[craffles]

The magnitude of the fine isn't as much of an issue, the legislation was changed about 5 years ago and the fines were increased substantially. The term of disqualification is at the upper end though. 1-2 years is not uncommon for mundane things. Adler got 20 and he went to jail. Vizard got 10 after the federal court judge dummy spat about ASIC being softcocks and Finklestein was a tough on white collar crime judge (and it should have been dealt with criminally). If he got 12 years, that's at the upper end of misconduct.

Thanks for the extra information, helps a lot.

I just don’t understand how crap like a player drink driving would be blasted everywhere but then large scale white collar crime and the only thing I’ve seen of this is the links shared in here. Maybe it makes more of a ruffle on football programs and papers tomorrow

 

[PrisonBars4life]

Have had a quick look at the judgement and, unsurprisingly, it was pretty bad.

• The company never made a profit, deliberately withheld information (in some cases for years). Took 100 mil in fundraising off the back of this lack of disclosure on 22 separate occasions.
• have reorganized in Canada (which required court permission) which was granted on the basis of an undertaking the company would give to indemnify the local entity which remained. The directors then wound up the local entity (despite an undertaking that it wouldn't do so).
• it transferred approximately 80 million dollars to the new entity in Canada.
• this was done whilst there was a class action been taken by investors against the original company.
• the breaches were described as deliberate.
• whilst the breaches were carried out by one of the other directors, the court held that Mcdonald knew and was a party to those breaches.
• the severity of the penalty was based on a mixture of factors such as the high number of breaches/contraventions, the incompetence and apparent lack of understanding Mcdonald had of his obligations, and a total lack of contrition.
• the judge suggested that criminal contempt charges could be brought against the directors for failing to act in accordance with the undertakings that they gave. This would be possible in a concurrent case been run and heard by another judge.

All in all, Mcdonald seems like a dodgy dude wholly out of his depth. The closest comparable case was ironically ASIC v Mcdonald which related to the reorganization of James Hardie. Whatever you think of their asbestos related activities, this case is actually much worse. In the James Hardie one, they reorganized and set up a compensation scheme and overstated their confidence in it being fully funded based upon available advice (i.e there was no suggestion of deliberateness on their part). They initially got some steep disqualification periods (I think 15, 7, and 5 years) but most were appealed and reduced to 2. The likelihood of Mcdonald - the footballer getting a significant reduction seems much less likely given the underhanded behavior (and he could still face jail time if contempt proceedings are pursued).

 

[GWT6]

As a long-time Melbourne supporter, if I don't go full nuffie and blindly defend a s**t human because he happened to play some games for the team that I follow, will I still be able to post here?

 

[craffles]

As a long-time Melbourne supporter, if I don't go full nuffie and blindly defend a s**t human because he happened to play some games for the team that I follow, will I still be able to post here?

The fact you even asked this means you need to leave

 

[Toump Ass]

Personally, I really admire Joel MacDonald

Joel Macdonald

Age

39

Ht

188cm

Wt

87kg

Pos.

Def

Career

Season

Last 5

D

17.0

4star

K

8.9

3star

HB

8.1

5star

M

4.5

4star

T

2.1

4star

No current season stats available

D

11.2

3star

K

8.2

4star

HB

3.0

3star

M

4.4

4star

T

1.0

3star

.
Played footy for the best AFL club in the world.

Now "living his best life" in parts unknown with millions and millions of dollars tucked away safely.

Good on him.

 

[PrisonBars4life]

Personally, I really admire Joel MacDonald.
Played footy for the best AFL club in the world.

Now "living his best life" in parts unknown with millions and millions of dollars tucked away safely.

Good on him.

God, I hate you so much!

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[Atomboy]

Personally, I really admire Joel MacDonald.
Played footy for the best AFL club in the world.

Now "living his best life" in parts unknown with millions and millions of dollars tucked away safely.

Good on him.

Exactly.

He played the game well and dipshits gave him cash which he will spend accordingly.

Fair bump in the head. Play on.

 

[Haso]

Disgraceful of that ex Melbourne player who played for Melbourne.