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Robin Poumako and Ann-Marie Donaldson are the directors of International Finance Corporation Pty Ltd (IFC). IFC's business is real estate developments, including the development of the former Fernilee Lodge site in Burnside, South Australia.

IFC raised approximately $3 million in the 12 months prior to 31 December 2012 to acquire the Fernilee Lodge and the land it was built on. Between 1 January and 30 June 2012 Robin and Ann-Marie successfully approached 3 investors who each paid $600,000 for a 16% share in IFC (Robin and Ann-Marie retaining 52% of the IFC shares).

Between 14 July and 29 December 2012, Robin and Ann-Marie caused IFC to offer and issue 22 debentures to different investors who loaned approximately $1.2 million to IFC.

Did Robin Poumako and Ann-Marie Donaldson breach the law? Explain why?

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