David Fairfull has appeared in the Downing Centre Local Court to answer charges following an Australian Securities and Investments Commission (ASIC) investigation alleging he provided false statements to investors and used his position as a director to gain an advantage for himself, according to the regulator.
ASIC confirmed on Friday that Fairfull has been charged with five counts of making false and misleading statements contrary to s 1041E(1) of the Corporations Act 2001 and one count of dishonestly using his position as a director to gain an advantage contrary to s 184(2) of the Corporations Act 2001.
“During the period 2018 to 2021, the Metigy group of companies developed a software product designed to harness advances in artificial intelligence to assist small to medium businesses with digital marketing strategies,” it said.
ASIC alleges that while obtaining funding for the business, Fairfull provided false information about the revenue and income of the companies to potential investors and further used his position as a director to obtain a loan for his own personal benefit.
Deputy chair Sarah Court explained that the regulator took this case as directors’ duties is an “enduring priority for us”.
“Company directors play an integral role in overseeing governance in addition to both performance and compliance and as such have a responsibility to act with integrity and honesty,” Court said.
ASIC confirmed that the matter will return to the Downing Centre Local Court on 10 December 2024.
