A federal court has penalized three former directors of the failed Youpla Group funeral fund, formerly known as the Aboriginal Community Benefit Fund, issuing a combined $90,000 in fines and multi-year management bans following breaches of client duties.
Justice Geoffrey Kennett handed down the penalties on Wednesday, ordering former director Jonathan Law to pay $50,000 to the commonwealth and prohibiting him from corporate management for six years, alongside separate penalties and bans for two other board members.
Further details regarding the court's enforcement actions and the ongoing fallout from the fund's collapse are expected to emerge as the story develops.
