Wealthy Tasmanian investor Jan Cameron faces criminal charges which carry potential jail terms.
Corporate watchdog the Australian Securities and Investments Commission has laid charges based on allegations relating to disclosure of holdings of shares in baby food and formula maker Bellamy's Australia Limited.
ASIC said Janet Heather Cameron, 67, of Hobart, had been charged with contravening sections 671B(1) and 1308(2) of the Corporations Act.
ASIC said it alleged that on or about August 1, 2014, when Bellamy's became a listed company, Ms Cameron began - by herself and along with Curacao-domiciled associate The Black Prince Foundation - to have a substantial holding in a listed company, being 14 million Bellamy's shares.
ASIC said that was 14.74 per cent of the company's issued capital.
It alleges she failed to disclose that interest as required on or about August 5, 2014.
ASIC also alleges Ms Cameron lodged a misleading initial substantial holder notice with Bellamy's on or about February 15, 2017.
It alleges the notice was misleading on the basis it failed to properly disclose Ms Cameron's true and complete relationship with Black Prince and the basis upon which she had an interest in 14 million Bellamy's shares.
Prominent business figure Ms Cameron is a former director of Bellamy's, which was taken over last year by Chinese firm the China Mengniu Dairy Company and delisted from the ASX.
She was the founder of adventure wear retailer Kathmandu and is best known in Tasmania for her time as owner of the Chickenfeed discount store chain.
ASIC said she was a director of Bellamy's between May 2007 and May 2011.
It said failing to lodge a substantial shareholder notice in August 2014 had a maximum penalty of six months' jail, a fine of 25 penalty units (which would be $5250 at today's penalty unit level) or both.
The maximum penalty for making a false or misleading statement in a document required by or for the purposes of the act or lodged with or submitted to ASIC was five years' jail or 200 penalty units ($42,000 at today's penalty unit level) or both.
The charges are listed for a mention hearing in the Hobart Magistrates Court on March 12.