LAW2457: Law of Investment & Financial Market- Legal Research & Analysis Assignment

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Internal Code: TV348
Legal Research & Analysis Assignment:

Task:

Discuss the legal issues arising from the article below. Refer to relevant statute and/or case law in your answer.

Sage Institute of Fitness staff made redundant as company ceases trade (Eryk Bagshaw, Georgina Mitchell)

8 Mar 2017, 5:26 p.m.

http://www.smh.com.au/business/staff-from- sage-institute- of-fitness- made-redundant-as- company-ceases- trade-20170307- gusypn.html

A private college network heavily promoted by Steve “Commando” Willis that spent more than a third of its taxpayer funded budget on advertising in one year has closed, leaving 1600 students in limbo and 200 staff redundant. Shocked students at the college network, the Australian Careers Institute, which owns the Sage Institute of Fitness, have been informed that they will still be liable for up to $18,000 in student fees for courses that were yet to be completed.

The college earned more than $32 million over two years through the now-scrapped VET FEE-HELP loan scheme, while graduating 45 per cent of students.

A hearing in the Administrative Appeals Tribunal in October heard the college had spent $6 million marketing Commando Steve’s unique “cutting edge” Diploma of Fitness Coaching Course in one year. It was forced to shut its doors on Wednesday after a deal fell through with the owner of the National Basketball League, Larry Kestleman.

Mr Kestleman, who founded Dodo internet and made hundreds of millions of dollars out of high end property, took over the league after first purchasing Melbourne United. The Melbourne basketball team used Mr Willis as the face of a new partnership between Sage and the Melbourne United basketball club in August 2016.

Question 2:

Legal Hypothetical using IRAC

Tina and Aristotle Papadopoulos are an elderly couple who immigrated to Australia from Greece in the 1950s. They both worked very hard in their family fruit shop business in Oakleigh. Tina and Aristotle want to spend more time with their grandchildren. They are now ready to retire and have sold their fruit shop for a nice profit of $750,000.
Tina and Aristotle want to invest this money. They make an appointment to see William a financial adviser who advises clients on a variety of financial products and investments.

William recommends they invest the bulk of their money in Big Dreams Ltd by acquiring shares. Tina and Aristotle are hesitant because they have never purchased shares before. William convinces them it’s a good investment and claims they will receive double their investment in 18 months.

In fact, Big Dreams Ltd is performing poorly financially and William has no basis for making these claims. William also convinces Tina and Aristotle to take out life insurance with a particular company even though Tina and Aristotle specifically say they do not think they need this. William is keen to sign them up because he receives a $400 Coles gift card for every client he signs up.

William prepares all of the necessary paperwork and obtains the life insurance policy for Tina and Aristotle. William does not give the couple an opportunity to read the paperwork because he does not believe either Tina or Aristotle would understand it anyway. It turns out the life insurance policy is very expensive and the share investment falls
through.

Required:

Advise Tina and Aristotle whether William has breached the common law, the ASIC Act or the Corporations Act. Refer to remedies and defences where appropriate.

Uploaded By : jack
Posted on : February 14th, 2018
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