Tough new penalties for dodgy financiers

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EXAMPLES OF NEW MAXIMUM PENALTIES

* Defective documents (was one year in jail, now five)

* Making false or misleading statements (was a fine, now two years in jail)

* Falsifying books (was two years in jail, now five)

* Obstructing or hindering ASIC (was a fine, now two years in jail)

* More than a dozen Corporations Act offences relating to duties and powers, audit, financial reports, fundraising and financial services disclosure will have 10 year jail term maximums.

* Civil penalties can be as high $210 million for a corporation.

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