Australian financial watchdog The Australian Securities and Investment Commission (ASIC) has charged the former executive chairman of a now liquidated stockbroking and financial services business BBY Limited (BBY), with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.
Glenn Alexander Rosewall appeared yesterday (July 15, 2025) in the Downing Centre Local Court in Sydney Australia charged with two offences contrary to sections 1041G and 1311 of the Corporations Act 2001 (Cth) and section 11.2(1) of the Criminal Code (Cth), following an ASIC investigation.
ASIC alleges that between about 1 March 2015 and about 17 May 2015, Mr Rosewall aided, abetted, counselled or procured BBY’s use of $1.95m of client money to facilitate payment of an unrelated corporate invoice.
The matter was adjourned for further mention on 9 September 2025.
This matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from ASIC.
10 years
Each offence carries a maximum penalty of 10 years’ imprisonment, or a fine of 4,500 penalty units ($765,000) or three times the total value of benefits obtained (or both). The maximum period of imprisonment has subsequently been increased.
BBY was a former stockbroking and financial services business was placed into voluntary administration on 17 May 2015 and liquidation on 22 June 2015.
ASIC suspended BBY’s AFS licence in May 2015. That suspension remained in place until its licence was cancelled in June 2021.
ASIC’s investigation into BBY has also led to the following ongoing and completed prosecutions:
- June 2023 – Fiona Mae Bilton, former Head of Operations at BBY, was sentenced following her plea of guilty to three charges of dishonestly obtaining a financial advantage for BBY (23-156MR).
- October 2023 – Arunesh Narain Maharaj, BBY’s former CEO, appeared in the Downing Centre Local Court charged with aiding, abetting, counselling or procuring the dishonest obtaining of a financial advantage (23-273MR).
- August 2024 – Yat Nam (April) Yuen, who held various roles at BBY including Manager (Strategy), was sentenced following her plea of guilty to two charges of aiding, abetting, counselling or procuring BBY to engage in dishonest conduct (24-184MR).
- June 2025 – Mr Maharaj appeared in the Downing Centre Local Court charged with aiding, abetting, counselling or procuring BBY to engage in dishonest conduct (25-097MR).
