The interim liquidators have found the group made a consolidated interim loss of $5.5m at the end of September last year, and at the time had negative net assets of $11.8m.
It is the largest penalty the FMA has secured in an enforcement case.
Businessman's brother and friend fail in effort to protect assets against claims by Sir Owen Glenn.
A preview of the trends and cases to watch in 2023.
Downey Construction had won a significant sum in a long-running row over the Lakewood Plaza apartment tower.
The Financial Markets Authority says the private equity firm breached record-keeping requirements.
The FMA received information about the alleged conduct by an experienced retail investor 22 months ago.
Sir Owen Glenn’s Kea Investments says a Kentucky coal joint venture agreement was faked.
The NSW Supreme Court heard last month the former Blue Chip boss had been offered A$904,000 in legal aid.
ANALYSIS: Christmas Crackers – Time to look back on some unusual and interesting intellectual property and marketing law news headlines this year.