Jason, _B_o_b and Derrick were all executive directors of an insurance company called GreatMakes Ltd. Derrick was the finance director and Bob was the Chief Executive Officer of the company. As well as being a director Jason also owned a substantial amount of shares in GreatMakes Ltd. Great Makes Ltd was a publicly listed company on the ASX. Jason's wife was a director and shareholder of another company called Pretty-Earnings Pty Ltd (PE). Jason requested from Bob and Derrick an advance of $10 million from GreatMakes Ltd to be paid to PE in return for $10 million worth of PE's shares. Jason had a reputation as a finance and he told Bob and Derrick that he would use the money to buy subprime securities that were doing well in the U.S. His banker friends were making lots of money by trading these securities. He said that this would make the PE shares very valuable. PE had no other assets. Bob and Derrick also knew that Jason's wife was a director and shareholder of PE and that there we re no other assets in PE. As Bob and Derrick trusted Jason's judgment they did not ask for any security. None of the other directors of GreatMakes Ltd knew of this advance. They also did not let the investment committee of the company know of the transfer of the funds. The $10 million was spent in the following way: 0 55 million given to PE was used to buy the securities in the U.S, - 53 million was used by Jason to buy more shares in GreatMakes Ltd to support its share price on the ASX, and - The remaining $2 million was invested into other private companies where Jason and his family had an interest. Jason thought he could make a quick profit as he had done in the past. He did not investigate any of these investments in any real way. Soon after this, the news from the US was filtering through that the U.S. securities were worthless and were causing the collapse of many U.S. companies. This made the PE shares now owned by GreatMakes Ltd worthless. The other directors of GreatMakes found out about the $10 million given to PE they were furious. They have reported the matter to ASIC and want ASIC to investigate Jason, _B_o_b_ and Derrick for breaches of the Corporations Act. REQUIRED b) With reference to relevant legal principles use the IRAC legal problemsolving approach to advise as to any other breaches of the Corporations Act 2001 (gm) relating to the use of the funds by Jason