Former CEO of Benjamin Hornigold Limited was prosecuted for dishonesty and misleading the ASX

About Benjamin Hornigold Limited

Benjamin Hornigold Limited is an investment company in Australia. It provides investors with exposure to the investment portfolio. Benjamin Hornigold Limited (ASX: BHD) seeks to increase the value of its portfolio by allocating capital to investments in which it has the highest conviction. It also aims to provide investors with exposure to global and domestic investment opportunities in listed investments, according to sources.

Background

According to ASIC, Benjamin Hornigold, John Bridgeman, and Henry Morgan Limited (in Liquidation) were part of a funds management group of companies. Benjamin Hornigold was suspended from trading on the ASX in July 2018. In June 2019, the board of Benjamin Hornigold resigned, including Mr. McAuliffe, and a new board was appointed, with trading in the company‘s shares of Benjamin Hornigold resuming on 25 June 2020. At the time of the alleged offending, the maximum penalty for dishonesty breaches of directors’ and officers‘ duties, and for knowingly providing or permitting the provision of misleading information to the operator of a financial market, was five years’ imprisonment.

Details

ASIC alleges that McAuliffe and Elderfield failed to act in the best interests of Benjamin Hornigold regarding payments made between 26 June 2018 and 29 June 2018, totaling $3.8 million, to John Bridgeman Limited, a related entity and investment manager for Benjamin Hornigold. ASIC also alleges that Mr. McAuliffe caused misleading information to be provided to the Australian Securities Exchange in contravention of s 1309 of the Corporations Act.