In the recent case of Lescosky & Durante  FamCAFC 179, a Husband was fined $54,000.00 for purchasing cryptocurrency to the value of $180,000.00.
The parties had been engaged in contested property settlement proceedings. The Husband set up two new bank accounts and transferred the sum of $180,000.00 over an 11 day period, which was utilised to purchase the cryptocurrency.
The issue with the purchase of the cryptocurrency by the Husband, was that this breached (“contravened”) a Court Order. The Court Order provided that:
- the Husband was restrained from transferring or otherwise disposing of any asset exceeding $1,000.00 in value (save in the ordinary course of business); and
- prior to transferring or otherwise disposing of any asset exceeding $1,000.00 in value, the Husband was to provide seven (7) days written notice of his intention to deal, to the Wife’s solicitors.
The Court proposed that “payment of the fines be made by the Husband, namely from his entitlement in the property settlement proceedings.”
This case serves as a reminder as to the powers available to the Court, where there is a contravention of a Court Order.
If you have any queries in relation to Court Orders, or require assistance with a property settlement, please call us on 07 3278 1888.