Victor Ma

Member’s name: Mr Victor Ma
Date of Hearing: 30 November 2011
Division: South Australia
Tribunal: Appeals Tribunal

On 30 November 2011 the Appeals Tribunal considered the penalty imposed by a Disciplinary Tribunal handed down on 1 September 2011 in respect of Mr Victor Ma.

The Appeals Tribunal confirmed the earlier determination of the Disciplinary Tribunal that Mr Ma had breached:

• Article 39(a)(ii)E of the Constitution in that on 19 November 2010 he became “Insolvent".
• Article 39(a)(ii)F of the Constitution in that he was "the subject of an adverse finding that has not been overturned on appeal in relation to the Member’s conduct..." in relation to decisions by the Federal Court of Australia in 2010 that he had breached his fiduciary duties as manager of an investment in a car park in failing to disclose to fellow investors unauthorised borrowings of $700,000.

Penalties and costs

The Appeals Tribunal noted that the appropriate sanction for breach of Article 39(a)(ii)F required consideration of the nature of the adverse finding and the nexus of the factual background to the finding with the ordinary work of members of CPA Australia and varied the period during which Mr Ma is not eligible to reapply for membership from five years to ten years.

Mr Ma was ordered to pay costs of $618 for the Disciplinary Tribunal Hearing and $687 for the Appeal Hearing. The Appeals Tribunal also ordered that should Mr Ma make application for readmission at the expiration of the ten year period it is a condition of readmission that:

• after the ten year period, he first successfully completes the CPA Program or its equivalent as a non Member,
• after the ten year period, if Mr Ma is offering Public Accounting Services, he first successfully completes the Public Practice Program or its equivalent as a non-Member, and
• all outstanding costs due to CPA Australia have been paid.