ASIC has disqualified a former Magnolia Capita Group director from managing corporations for a period of 5 years and banned him for a period of 10 years from providing financial services and engaging in credit activities.
Mitchell Atkins of Erina, New South Wales was a director of the Magnolia Capital Group of companies which collapsed in 2022 owing unsecured creditors millions of dollars.
The Magnolia Capital group of companies operated businesses between 2018 and 2022 that provided investors with financial advice and services in relation to secured lending transactions and share investment.
Mr Atkins was a director of all the companies in the Magnolia Capital Group, including 13 companies where a liquidators report was lodged with ASIC…
Read the full article at: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-311mr-asic-disqualifies-former-magnolia-group-capital-director