Member’s name: Mr James Cruickshank
Date of hearing: 16 August 2023
On 16 August 2023 the Disciplinary Tribunal found Mr James Cruickshank breached the 14 May 2019 Constitution (“the Constitution”) in that he had breached:
• Article 39(a)(ii)F of the 14 May 2019 Constitution in that he had ‘been the subject of an adverse finding that has not been overturned on appeal in relation to the Member's conduct, competence or
recognition by any Court, professional body, statutory or other regulatory authority in any jurisdiction’ in respect of the Judgement of the Federal Court of Australia (Federal Court), in the name of
Australian Securities and Investments Commission v Big Star Energy Limited (No 3)  FCA 1442, dated 9 October 2020 (Judgement) which found he contravened section 180(1) of the Corporations Act and on 16 December 2021 ordered that he:
1. pay a pecuniary penalty in the amount of $40,000
2. be disqualified from managing a corporation for a period of four years
3. pay 90% of ASIC’s costs of the proceedings as taxed or agreed.
Mr James Cruickshank did not attend the Disciplinary Tribunal Hearing, a denial of the complaint was entered on his behalf.
Penalty and costs:
The Disciplinary Tribunal found the Complaint sustained and imposed the following penalties:
• Forfeiture of Mr Cruickshank’s membership, Mr Cruickshank is not eligible to apply for readmission
until 15 December 2025
• A fine of $2000.
The Member was ordered to pay CPA Australia’s costs of $3,208.94