Internet kiosk provider banned by ASIC

A Sydney-based man involved in the sale and marketing or mobile ring tones and Internet kiosks has been banned by the Australian Securities and Investments Commission (ASIC) after racking up $2.4 million in debt.

Daniel Albert, the man behind three failed companies- I E Networks, Photo Safe Australia and Data Vault Services, has been banned from managing companies for three years.

The ban follows a decision by ASIC that Albert had breached the Corporations Act by managing the companies in such a way that they incurred substantial debts and were unable to pay creditors more than 50 cents in the dollar.

According to ASIC he also failed to comply with the requirement to keep adequate financial records and entered into agreements on the company's behalf with members of the public to supply Internet kiosks in circumstances where he knew that he could not supply them.

"Just because you have a cool or groovy product, doesn't mean you are going to be successful if you do not respect the Corporations Act," said ASIC's national assessment and action director, Adrian Borchok.

Distributors and franchisees that signed up with the three companies are each owed nearly $120,000 of the $2.4 million debt.

"Just because Daniel Albert was a small-time operator does not mean the implications are not serious," Borchok said.

"People who become officeholders without understanding their role and responsibilities risk regulatory action if they fail to conduct their duties properly. Company officers have important responsibilities to uphold and must not disregard their obligations to consumers, creditors and the like," he said.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Dahna McConnachie

Computerworld
Show Comments

Father’s Day Gift Guide

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?