ASIC has disqualified a former Magnolia Capital Group director from managing corporations for five years and banned him from financial services or credit activities for 10 years after the company collapsed owing up to an estimated $50 million.
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Mitchell Atkins of Erina, NSW, was a director of the Magnolia Capital Group of companies which operated from 2018 until it collapsed last year.
Businesses in the group provided financial advice and services in relation to secured lending transactions and share investment, and counted some of the nations richest families as…
Read the full article at: https://www.accountantsdaily.com.au/regulation/19341-asic-bans-director-behind-50m-magnolia-group-collapse