Australian Securities & Investments Commission bans former Kingdom Developments Group director Andrew Bodnar from financial services for six and a half years

The Australian Securities & Investments Commission has banned NSW-based property developer Andrew Bodnar from being involved in the financial services industry for six and a half years, preventing him from providing financial services, controlling an entity that carries on a financial services business, or performing functions involved in operating such a business. The action follows an ASIC investigation into the early 2023 collapse of the Kingdom Developments Group and took effect from 26 February 2025. ASIC found that Kingdom Developments’ property projects were structured through special purpose vehicles (SPVs) and that the arrangements between investors and the SPVs involved the issue of financial products, requiring an Australian financial services licence (AFSL) or authorisation by a licensee. None of the Kingdom Developments Group companies, nor Bodnar, held an AFSL or authorisation, and ASIC concluded the SPVs and Bodnar carried on a financial services business while unlicensed, were involved in offering securities without the required disclosure document under the Corporations Act, and engaged in misleading and deceptive conduct regarding the use and repayment of investor funds. ASIC also cited Bodnar’s undischarged bankruptcy as a stand-alone basis for a ban, noting a trustee report that creditors were owed AUD 131 million, and said the length of the ban reflected governance and financial management deficiencies while taking into account contrition and the absence of dishonesty or intent to defraud. The ban is recorded on ASIC’s Banned and Disqualified Persons Register, and Bodnar has the right to seek a review of ASIC’s decision in the Administrative Appeals Tribunal.