What happened
On 23 July 2026, the Federal Court sentenced Stavro D'Amore, former director of Berndale Capital Securities Pty Ltd, to a total of three years and ten months in prison. The sentence requires 23 months to be served before any release is possible.
The charges
D'Amore was convicted on three rolled-up charges under the Corporations Act 2001:
- Dishonest use of his director position - under section 184(2) of the Corporations Act 2001.
- Dishonest conduct in carrying on a financial services business - under sections 1041G and 1311(1) of the Corporations Act 2001.
- Authorising false and misleading statements in documents submitted to ASIC - under sections 1308(2) and 1311(1) of the Corporations Act 2001.
What the conduct involved
Between 2017 and 2018, D'Amore improperly transferred $681,496.98 in company funds. Those funds were primarily derived from retail client deposits.
D'Amore also authorised false statements to ASIC about overseas bank accounts that either did not exist or were grossly inaccurate.
Berndale Capital Securities collapsed in December 2018. Former clients are still owed more than $8.9 million.
Co-accused
A co-accused former director, Daniel Kirby, was separately sentenced on 15 July 2025 to 2 years and 11 months imprisonment. Kirby is to be released after 12 months on a $1,000 recognisance with 3 years of good behaviour conditions.
How the case was brought
The case was investigated and referred by ASIC and prosecuted by the Commonwealth Director of Public Prosecutions (CDPP).
Key actions
- Holders of an Australian Financial Services (AFS) licence are required to meet their licence obligations, including maintaining the required minimum level of net tangible assets and lodging accurate audited financial reports. Failures in these areas were central to this prosecution.
- Former Berndale Capital Securities clients who have not yet made a claim for the more than $8.9 million owed to former clients can find links to the judgment and background information in the ASIC media release.
- The Corporations Act 2001 provides that dishonest use of a director position or providing false information to ASIC carries serious criminal penalties including imprisonment.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.