Australia’s Federal Court has fined a man living in Victoria for illegally purchasing and possessing multiple properties, the first penalty order issued since the enaction of the country’s foreign investor laws. The court ruled that Vijay Balasubramaniyan, a temporary resident, had to pay a total of $250,000 (US$186,000) in fines to the federal government, plus the legal costs of the Tax Commissioner, for failing to comply with the laws when acquiring four Victorian properties. Balasubramaniyan admitted to purchasing the properties in the suburbs of Hoppers Crossing, Werribee and Aintree without informing the Foreign Investment Review Board (FIRB), as required under the Foreign Acquisitions and Takeover Act (FATA) 1975. Current laws specify that foreign investors are generally prohibited from buying established dwellings, except for a few circumstances. They are allowed to purchase new dwellings or vacant lands for residential development, but they must notify the FIRB and receive approval before doing so. Balasubramaniyan …