Federal Court Dismisses ASIC Case Against Former Director and Consultant
The Federal Court of Australia has dismissed the Australian Securities and Investments Commission's (ASIC) claims against Keith Cohen, former director of the Freedom Group, and Robert Oayda, a former quality assurance manager.
ASIC had alleged that Cohen and Oayda acted unlawfully through their involvement in the Freedom Group's sales incentive programs, which included trips to Bali and the use of a Vespa as incentives.
The case was brought against Cohen and Oayda in October 2021 and was heard by the Court in July 2023, with the judgement reserved until now.
The regulator had alleged that the defendants' actions were in breach of their obligations as financial services providers.
- The case was dismissed despite the firm being cited as a case study for misconduct in the royal commission final report.
- The Freedom Group was a life insurance distributor that was deregistered.
Author's summary: ASIC case against former director and consultant dismissed.