Bane Hunter
Bane Hunter (born 28 August 1966) is a former media executive and Australian businessman who was awarded Australia’s largest ever penalty[1] for misleading corporate conduct for his company GetSwift.
| Bane Hunter | |
|---|---|
| Born | 28 August 1966 Buenos Aires, Argentina |
| 🏳️ Nationality | Australian, American |
| 🎓 Alma mater | City University of New York |
| 💼 Occupation | Businessman |
| 👔 Employer | GetSwift |
As former executive chairman of “market darling” GetSwift, which he co-founded with Joel Macdonald, Hunter was found guilty on 29 counts of misleading conduct in 2023, fined A$2M and banned from managing companies for 15 years[2][3] - the largest penalty handed down by the Australian Federal Court[4][5][6] - and resulted in reforms to listing rules on the Australian Securities Exchange (ASX).[7]
Hunter was accused by the Federal Court of driving “a public relations-driven approach to corporate disclosure”[8] which led to the company raising $104 million from investors.[4] In 2018 Hunter and his company were subject to a $300M class action lawsuit[9] and was successfully sued by the corporate regulator ASIC.
In awarding Hunter the largest ever penalty, Justice Lee stated Hunter “is a man who is presently wholly unsuited to be in a position of responsibility in a public company” and that he “was not only a bully, but also someone who had a laser-like focus on making money for himself and Mr Macdonald. If that involved breaking the law regulating financial markets, or exposing GetSwift to third party liability, that was of little concern to him”.[10]
Hunter is a prominent figure in the Australian and New York startup scenes. He is a regular commentator at startup events and sits on numerous startup advisory boards, most notably the Australian listed company Tiny Beans. [11]
Getswift
In May 2015 Hunter joined Australian Software-as-a-Service logistics startup GetSwift as executive chairman. In 2016 the company listed[12] on the Australian Securities Exchange (ASX) later raising $75M[13] and saw its shares surge 800% on news that it had secured contracts with Amazon, the Commonwealth Bank of Australia and Yum Brands. However, the shares subsequently collapsed following a temporary trade suspension after it was revealed these customers were simply trialling the GetSwift software.[14][15]
In April 2018 Hunter replaced co-founder Mr Macdonald as CEO of GetSwift. [13][14][16]
Class action for breach of continuous disclosure
In February 2018 Hunter and GetSwift faced a $300M class action lawsuit (subsequently revised to $75-100M) for the alleged breach of continuous disclosure.[17][18] The lawsuit claimed Mr Hunter "ought to have reasonably known that [GetSwift] had no reasonable grounds to consider that it would derive quantifiable and measurable benefits from contracts with customers when they were still subject to a trial or pilot period".[19][20]
The company reached a settlement agreement in July 2021.[21]
Civil case of misleading and deceptive behaviour
In February 2019 the Australian Securities and Investment Commission (ASIC) commenced civil proceedings against Hunter and alleged that Hunter made several misleading statements to the public and that they failed to discharge their duties to the public.[22][23]
Four years later, in February 2023, The Federal Court of Australia found Hunter guilty on 29 counts of misleading conduct, fined him A$2M and banned from managing companies for 15 years[2][3] - the largest penalty ever handed down by the Court.[4][5][6]
ASX reforms listing rules to include evidence of "good fame and character"
In response to the civil proceedings brought against Hunter, the Australian Securities Exchange (ASX) reformed its listing rules, now requiring all listed and prospective Company directors to provide evidence of their "good fame and character".[7] The changes would either result in a disclosure of the results of the checks or in some cases the rejection of the listing.
Bankruptcy
In February 2022 Hunter resigned as CEO[24] and in August 2022 GetSwift filed for bankruptcy in the US.[25]
Early Business Career
Hunter started his career in media at MTV Networks in 2005 in New York where he quickly rose to become Chief Product Officer by 2010.
In 2010 Hunter moved to Conde Nast as a Senior Executive Director where he stayed for 2 years.
Hunter then became Chief Product Officer at A&E Television networks in New York and Los Angeles.[26]
In 2013 Hunter entered the Australian startup scene where he joined (and later became) CEO of The Loop - a visual networking platform that was used by 67% of Australian professionals - after displacing The Loop's co-founder Pip Jamieson.[27][26]
In May 2015 Hunter joined Australian startup GetSwift as an executive director and later became CEO in 2018 after co-founder and former CEO Joel Macdonald stepped down as the company faced legal challenges.[13]
Education
Hunter earned his bachelor’s degree at The City University of New York and later studied for his MBA at Charles Stuart University.[28]
In April 2021 Hunter joined the advisory board of Ithica College where he was appointed to focus on the university's customer experience.
Residency and Political affiliation
Hunter currently resides in Brooklyn, New York. He is an independent voter, but has been active in supporting Republican candidates - most recently and publicly for Gov Ron DeSantis where Hunter was present at his second inauguration in Tallahassee, Florida . [29]
References
- ↑ Sharples, Sarah (20 Feb 2023). "Collapsed tech start-up GetSwift slugged with 'largest ever' penalty of $15m for misleading statements". News.com.au. Retrieved 21 Feb 2023.
- ↑ 2.0 2.1 "Australian Securities and Investments Commission v GetSwift Limited (Penalty Hearing) [2023] FCA 100". www.judgments.fedcourt.gov.au. Retrieved 2023-02-20.
- ↑ 3.0 3.1 Thomsen, Simon (2023-02-17). "Disgraced tech startup GetSwift and its founders just copped a whopping $18 million in fines as 'the unacceptable face of startup capitalism'". Startup Daily. Missing or empty
|url=(help);|access-date=requires|url=(help) - ↑ 4.0 4.1 4.2 "GetSwift's comeuppance is no deterrent at all". Australian Financial Review. 2023-02-20. Missing or empty
|url=(help);|access-date=requires|url=(help) - ↑ 5.0 5.1 Sharples, Sarah (20 February 2023). "Collapsed tech start-up GetSwift slugged with 'largest ever' penalty of $15m for misleading statements". News.com.au. Retrieved 6 March 2023.
- ↑ 6.0 6.1 "GetSwift to pay $18m for 'unlawful PR-driven approach'". MSN. Retrieved 2023-03-06.
- ↑ 7.0 7.1 "Disclosure obligations: ASX tightens listing rules after GetSwift, Big Un debacles". Australian Financial Review. 2018-03-18. Retrieved 2023-03-13.
- ↑ "GetSwift found guilty of multiple 'PR-driven' disclosure breaches". Australian Financial Review. 2021-11-10. Retrieved 2023-02-20.
- ↑ Powell, Dominic (2018-03-23). "GetSwift faces class action over allegedly misleading statements about Amazon deal". SmartCompany. Retrieved 2023-02-20.
- ↑ "Record-breaking penalties to conclude the GetSwift saga | DLA Piper". www.dlapiper.com. Retrieved 2023-02-23.
- ↑ Williamson, Rachel (2017-10-22). "Tinybeans is pretty excited about hiring GetSwift boss Bane Hunter". Stockhead. Retrieved 2023-02-23.
- ↑ "Joel McDonald's GetSwift logistics business lists on ASX". Australian Financial Review. 2016-12-08. Retrieved 2023-03-06.
- ↑ 13.0 13.1 13.2 "Bane Hunter replaces Joel MacDonald as GetSwift CEO". Australian Financial Review. 2018-04-26. Missing or empty
|url=(help);|access-date=requires|url=(help) - ↑ 14.0 14.1 Baldassarre, Gina (2018-04-26). "Bane Hunter to take over as GetSwift CEO as Joel MacDonald steps down". Startup Daily. Missing or empty
|url=(help);|access-date=requires|url=(help) - ↑ StartupSmart (2018-01-28). "How GetSwift got here: A timeline of the tech startup's troubles". SmartCompany. Retrieved 2023-03-06.
- ↑ Powell, Dominic (2018-04-26). "Founder Joel MacDonald steps down as head of troubled logistics startup GetSwift". SmartCompany. Retrieved 2023-03-06.
- ↑ "Class action lawyers to fight over GetSwift". Australian Financial Review. 2018-04-16. Retrieved 2023-03-06.
- ↑ Powell, Dominic (2018-03-23). "GetSwift faces class action over allegedly misleading statements about Amazon deal". SmartCompany. Retrieved 2023-03-06.
- ↑ "GetSwift lacks 'understanding of how Australian public companies operate': Alex Waislitz". Australian Financial Review. 2018-02-25. Retrieved 2023-03-06.
- ↑ "Class action moves in quickly on GetSwift". Australian Financial Review. 2018-02-19. Retrieved 2023-03-06.
- ↑ "GetSwift class action reaches settlement agreement". www.arnnet.com.au. Retrieved 2023-03-06.
- ↑ "19-039MR ASIC commences civil penalty proceedings against GetSwift Limited and its directors Bane Hunter and Joel Macdonald". asic.gov.au. Retrieved 2023-03-06.
- ↑ Williamson, Rachel (2019-02-22). "ASIC launches civil lawsuit against GetSwift and two directors". Stockhead. Retrieved 2023-03-06.
- ↑ "GetSwift appeals court loss to ASIC, as CEO resigns". Australian Financial Review. 2022-02-20. Retrieved 2023-03-06.
- ↑ "GetSwift's Technology files for bankruptcy". Business News Australia. Retrieved 2023-03-06.
- ↑ 26.0 26.1 Burrowes, Tim (2013-06-18). "Bane Hunter becomes CEO of The Loop". Mumbrella. Retrieved 2023-03-06.
- ↑ "Bane Hunter". Business News. Retrieved 2023-03-06.
- ↑ Linkedin - Bane Hunter https://www.linkedin.com/in/banehunter/. Retrieved 22 March 2023. Missing or empty
|title=(help) - ↑ "DeSantis' inauguration draws supporters from across state". WFSU News. 2023-01-04. Retrieved 2023-03-22.
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