AADL CEO Stephen Porges engaged in ‘misleading and deceptive’ conduct, ordered to pay $1 million
The new CEO of ADMA’s parent body, the Australian Alliance for Data Leadership, Stephen Porges, has been ordered to pay $941,703 in damages and interest, plus costs, after his actions in selling shares in a tech startup led him to behave in a “misleading and deceptive” manner towards the buyer.
The court case, which concluded late last week, relates to Porges’ conduct before he joined the AADL. Porges was hired as the CEO of industry association network AADL back in June. Last year ADMA – the Association for Data-Driven Marketing & Advertising changed its name to AADL as the parent brand across a number of individual industry bodies.
Porges, former CEO of Aussie Home Loans, persuaded Adcock Private Equity (APE), an investment company controlled by Brook Adcock, to purchase $942,000 worth of his shares in British Virgin Islands-domiciled tech startup SecureOne.
The judge found that Porges was not actually the “reluctant seller” of the company he had presented himself as to APE: “On the contrary… he wanted to sell.”
AADL is facing a huge relevancy problem. If it closed its doors permanently tommorrow the world (and industry ) would happily keep spinning. What is AADL for?
Hhmmm,
OMG, how many nails can go into this AADL / ADMA coffin?
I haven’t heard the name Stephen Porges since he was Chairman of BMC Media / Hyro.com
Wonder if this was action was disclosed when he was employed.
AADL/AADMA whatever it’s called is a proper dumpster fire now. Time to put this minor events business out of its misery. The industry isn’t looking at it for any sort of leadership and hasn’t for a decade.
Maybe they can replace the entire leadership team with IBM’s Watson.
We are certainly looking at the value our organisation gets from our subscriptions to these bodies. We think we are being damaged, not helped by being associated with this kind of activity