The penalty imposed on the eccentric owner/operator of a number of unauthorised banking businesses has been fined $10,000 for contempt of court, having continued to (superficially) trade for some time in spite of a court order in August 2023 that restrained him from doing so.
The Federal Court at that time found that Andrew Garrett was, as APRA alleged, the chief executive of the purported bank Dynamic Capital Bank, while also associated with Banca di Como and Banque de Capital Dynamique.
Formerly a winemaker and, since 2015, a vexatious litigant, there is nothing in either of the two judgements relating to Garrett that shed any light on whether he or any of his three faux banking businesses engaged in any activity remotely resembling banking, or indeed any business at all.
Anyone reading the 2023 judgement will appreciate it is fair to label Garrett as a nutjob.
In first seeking to restrain Garrett and his vapourware “banks” and then seeking a ruling and penalty on contempt of court APRA (and the court) were simply going through the motions.
Given the court’s paltry fine for the otherwise serious offence of contempt, and the court’s decision to suspend the fine for 18 months, it seems Andrew Garrett did little harm other to himself.