TWO former company directors have become the first in Australia to be banned from managing a corporation or dealing in financial products for life.
Victoria's Supreme Court today issued life-time bans against Shaun Oliver White and Nicole Elaine White, formerly of Eltham in Victoria, for engaging in false and misleading conduct in their running of a string of companies.
A third director, Damian Tolson, of South Melbourne, also was banned for seven years for his lesser role in the Personalised Finance Services group (PFS Group) of companies.
The Australian Securities and Investment Commission (ASIC) today said the trio were involved in setting up self-managed superannuation funds, from which cash was misappropriated for property developments.
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