The New South Wales Supreme Court has dismissed an appeal by Park Trent Properties against a judgment delivered to the property spruiker by acting Justice Ronald Sackville in October last year.
In a unanimous decision delivered by Justice Mark Leeming on 3 November, the court found no error had been made by the trial judge in refusing an application by Park Trent to amend its defence on the sixth day of the nine-day trial.
Furthermore, even if the amendment had been allowed, the regulation upon which Park Trent sought to rely would not have applied to the firm’s advice, which was the subject of the proceedings.
Park Trent will be required to pay the Australian Securities and Investments Commission’s (ASIC) costs of the appeal.
“ASIC welcomes the dismissal of the appeal,” ASIC commissioner Greg Tanzer said.
“ASIC’s action against Park Trent has highlighted there are serious consequences for property spruikers who break the law by providing unlicensed financial product advice.”