Key Takeaways
- On 8 May 2026, ASIC permanently banned Noosa, Queensland property developer Trent Giumelli from all financial services after he raised $48 million from the public without a financial services licence.
- Giumelli operated unregistered managed investment schemes across 27 property projects for eight years — a serious, sustained breach of the Corporations Act 2001 (Cth).
- The same week, ASIC disqualified NSW hospitality director Ken Sadamatsu for five years after five company collapses left $4.37 million in debt, mostly owed to the ATO.
- ASIC’s 2026 enforcement posture is the most aggressive in its history — these cases are not outliers; they are the pattern.
- Queensland investors who participated in unlicensed property schemes may have legal options to recover funds. Directors in companies with mounting ATO debt should seek advice immediately.
If you are dealing with a director dispute, removal application, or breach of director duties matter, our experienced director dispute lawyers Brisbane are ready to help. Contact Boss Lawyers on 1300 267 711 or complete our online enquiry form for a confidential discussion.
In the space of three days, ASIC permanently banned a Queensland property developer and disqualified an interstate hospitality director — two enforcement actions that together paint a stark picture of where Australia’s corporate regulator is focusing its firepower in 2026.
Both cases contain lessons that every Queensland director, business owner, and investor needs to understand.
What Happened: ASIC Permanently Bans Queensland Property Developer
On 8 May 2026, ASIC announced it had permanently banned Trent Simon Giumelli, of Noosa, Queensland, from providing financial services. The ban took effect from 6 May 2026.
ASIC’s media release (26-093MR) sets out the findings in stark terms: through companies operating as the “Giumelli Group,” Mr Giumelli conducted real estate wealth coaching programs and offered participants opportunities to invest in property developments. Over eight years, across 27 separate projects, he raised around $48 million from members of the public.
The problem? He did all of this:
- Without an Australian financial services licence (AFSL); and
- Through unregistered managed investment schemes — both of which are serious contraventions of the Corporations Act 2001 (Cth).
ASIC found that Mr Giumelli demonstrated serious incompetence and irresponsibility, a disregard for the law, and a lack of fairness, professionalism and trustworthiness. The consequences are as severe as they come: he is now permanently banned from:
- Providing any financial service;
- Performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in any other capacity); and
- Controlling any entity that carries on a financial services business.
That is not a five-year timeout. That is a lifetime exclusion from Australia’s financial services industry.
The Same Week: NSW Hospitality Director Disqualified After Five Company Collapses
On 11 May 2026, just three days later, ASIC announced the disqualification of Ken (Katsuyoshi) Sadamatsu, a Sydney-based director, from managing corporations for the maximum five-year period under s 206F of the Corporations Act.
Mr Sadamatsu had been a director of five companies in the accommodation and food services sector — Sake Enterprise, New I.N.G Consulting, Masuya, Miso and Miso GS — all of which failed between 2017 and 2026. At the time of ASIC’s decision, those five companies owed a combined $4,375,875.63 to unsecured creditors, of which $4,173,350.93 was owed to the Australian Taxation Office.
ASIC found that Mr Sadamatsu had:
- Failed to ensure the companies complied with ATO statutory obligations;
- Failed to maintain proper books and records for all five companies;
- Failed to assist liquidators by providing records;
- Improperly used his position as director to sell a motor vehicle below market value, causing detriment to the company;
- Improperly used his position to sell business assets to related entities, causing detriment to those companies; and
- Failed to prevent Sake Enterprise and New I.N.G Consulting from insolvent trading.
The result: banned from managing any corporation until 27 April 2031.
What ASIC Found — and Why It Matters
These are not anomalies. ASIC’s 2026 enforcement priorities — announced in November 2025 — signal the most aggressive enforcement posture in the regulator’s history. ASIC doubled its new investigations in 2025, and its Deputy Chair has signalled that “may just be the beginning.”
The Giumelli case illustrates a pattern ASIC is increasingly targeting: unregistered investment schemes in the property sector. Queensland has a large and active property development market, and informal investment structures — partnerships, JVs, syndicates, “coaching” programs with investment components — are common. Many of these structures, depending on how they are operated, attract obligations under Chapter 5C of the Corporations Act, which governs managed investment schemes.
Under s 601ED of the Corporations Act, a managed investment scheme with more than 20 members, or that is promoted by a person who is in the business of promoting such schemes, must be registered with ASIC. Carrying on a financial services business without an AFSL is a criminal offence under s 911A and s 1311 of the Act.
The Sadamatsu case, meanwhile, is a textbook illustration of why directors must take their obligations to the ATO and their liquidators seriously. Under the Corporations Act:
- Insolvent trading (s 588G): A director who allows a company to incur debts when it is insolvent, or when there are reasonable grounds to suspect insolvency, may be personally liable for those debts.
- Books and records (s 286): A company must retain financial records for at least seven years. Failure to do so can result in criminal penalties and makes it significantly harder to defend claims in liquidation.
- Improper use of position (s 182): A director must not improperly use their position to gain an advantage for themselves or others, or cause detriment to the company.
What This Means for Queensland Directors, Investors, and Business Owners
Whether you are a director, an investor, or an operator, this week’s enforcement actions have direct implications for you.
If you are a property developer or business operator raising capital from investors:
- If you are pooling funds from multiple investors for a common property enterprise — regardless of how you describe it — you may be operating a managed investment scheme.
- Operating without registration and without an AFSL is a serious breach that can result in criminal prosecution, civil penalties, and — as Giumelli demonstrates — a permanent ban from financial services.
- Get specialist legal advice before structuring any investment offering. The cost of proper advice is a fraction of the cost of an ASIC enforcement action.
If you are a director of a company with ATO debt or signs of financial distress:
- Mounting ATO debt is one of the clearest red flags that triggers ASIC scrutiny. When a company enters liquidation and a liquidator reports to ASIC, the regulator reviews the director’s conduct — including whether they allowed the company to trade while insolvent.
- Maintain your books. Keep your records. Cooperate with any liquidator. These are not optional courtesies — they are legal obligations.
- If your company is in financial difficulty, seek advice early. The safe harbour provisions under s 588GA of the Corporations Act may protect you if you take appropriate steps before the situation becomes irreversible.
If you are an investor who participated in an unlicensed property scheme:
- ASIC’s action against Giumelli confirms the scheme was unlawful. That may give investors claims against the scheme operator for breach of statutory duty, misleading and deceptive conduct under the Australian Consumer Law, and potentially other remedies.
- Investors in schemes like these should seek legal advice promptly. Limitation periods apply, and the sooner you act, the better your prospects of recovery.
Lessons and Action Points
Here are five concrete steps Queensland directors and investors should take in response to these enforcement actions:
- Audit any investment arrangements you are involved in. If you are raising money from third parties for a property or business venture, have a lawyer review whether the structure triggers AFSL and managed investment scheme obligations.
- Check your ATO position. Directors can be personally liable for a company’s unremitted PAYG withholding and SGC obligations via Director Penalty Notices. If ATO debt is accumulating, act now — not when ASIC comes knocking.
- Maintain proper books and records. Under s 286 of the Corporations Act, companies must maintain financial records that correctly record and explain the company’s transactions and financial position. Directors who allow this to lapse face both personal liability and ASIC scrutiny in any subsequent liquidation.
- Do not sell company assets to related parties without proper process. Transactions between a company in financial difficulty and its directors or related entities are subject to intense scrutiny in any liquidation. Ensure any such transactions are at arm’s length, properly documented, and at market value.
- If your company is in financial distress, get advice urgently. The safe harbour provisions, voluntary administration, and formal restructuring options may be available — but only if you act before the company becomes irretrievably insolvent.
How Boss Lawyers Can Help
Boss Lawyers regularly acts for Queensland directors, investors, and business owners facing exactly the kinds of issues these ASIC enforcement actions highlight — including:
- Directors facing ASIC investigation or Director Penalty Notices from the ATO;
- Investors in failed or unlicensed investment schemes seeking to recover funds;
- Business owners structuring capital raises and investment programs to ensure regulatory compliance;
- Directors of companies in financial distress navigating safe harbour, voluntary administration, or liquidation;
- Creditors and liquidators pursuing insolvent trading and recovery claims.
We are commercial litigation lawyers who understand the urgency when ASIC acts or when a company is in distress. We do not waste time. We focus on outcomes.
For strategic commercial legal advice, call Mark Harley on 1300 267 711 or contact us at bosslawyers.com.au/contact.
Frequently Asked Questions
What is a managed investment scheme and when does it need to be registered?
Under s 9 and Chapter 5C of the Corporations Act 2001 (Cth), a managed investment scheme is a collective investment arrangement where investors contribute money to acquire a benefit produced by the scheme, and the investors do not have day-to-day control over the operation of the scheme. A scheme generally must be registered with ASIC if it has more than 20 members, or if it is promoted by a person in the business of promoting managed investment schemes. Failure to register an obligatory scheme is a criminal offence.
Can I be held personally liable as a director if my company owes money to the ATO?
Yes. Under Division 269 of Schedule 1 of the Taxation Administration Act 1953, the ATO can issue Director Penalty Notices (DPNs) making directors personally liable for unremitted PAYG withholding, net GST amounts, and superannuation guarantee charges. The liability is personal and does not disappear when the company is wound up. In some circumstances, the liability cannot be reduced even by placing the company into voluntary administration.
What should I do if I invested in a property scheme that was not properly licensed?
If you invested in a property scheme operated without an AFSL or that was an unregistered managed investment scheme, you may have claims against the operator including for breach of statutory duty, misleading and deceptive conduct under the Australian Consumer Law, and potentially fraud or unconscionable conduct. You should seek legal advice promptly, as limitation periods apply. Boss Lawyers can assess your position and advise on recovery options — call 1300 267 711.
This article is general information only and is not legal advice. You should obtain professional advice specific to your circumstances. If you have concerns about director obligations, investment scheme compliance, or ASIC enforcement, contact Boss Lawyers on 1300 267 711.
Mark Harley
Principal Solicitor, Boss Lawyers Pty Ltd
17+ years experience | 3,000+ clients | Brisbane, Queensland
