Husband fined for purchasing cryptocurrency

In the recent case of Lescosky & Durante [2020] 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.

Welcome Amy Holland to Hogan Stanton Lawyers

We welcome Amy Holland to our team, as our Associate Lawyer. Amy’s interest in law was sparked during work experience at a local Magistrates Court, which led to a school based traineeship and ongoing employment with the Department of Justice and Attorney-General during her university studies. Since her admission as a legal practitioner in 2014, Amy honed her efficient and client-focused approach, within private practice.

In her spare time, you will find Amy on road trips exploring all that our beautiful country has to offer (particularly enjoying the rest breaks for Devonshire tea or a stop at a little country bakery), walking her dogs or curled up in a sunny spot enjoying a good book.

Amy looks forward to meeting you at our offices. Please call us on 07 3278 1888 to arrange a meeting.