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ASIC news releases and consumer alerts

Listed below are consumer alerts published by the Australian Consumers and Investments Commission (ASIC).

For a complete listing of media and information releases, visit the ASIC website

2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004

2010 releases

2009 releases

09-266AD Former Newcastle director convicted
09-263AD ASIC grants approval to the Financial Ombudsman Service
09-262AD ASIC releases guidance for credit licensees
09-258AD NSW financial adviser banned for ten years
09-254AD New South Wales man pleads guilty to insider trading
09-253AD NSW man charged with insider trading
09-251AD ASIC permanently bans Sydney financial adviser
09-250AD Mortgage broker convicted after ASIC investigation
09-249AD Former director of Chameleon Mining NL found guilty of providing false and misleading information
09-247AD Five directors of failed companies disqualified from managing corporations for over 15 years
09-246AD Banned insurance broker sentenced to five year good behaviour
09-245AD Former director found guilty on fraud and perjury charges
09-244MR Investing between the flags
09-233AD Brisbane man's appeal against conviction dismissed, 09-233AD, 20 Nov
West Australian financial employee representative banned, 09-226AD, 16 Nov
Melbourne auditor’s registration cancelled, 02-223AD, 10 Nov
Unlicensed advisers convicted, 09-220AD, 9 Nov
Promoter and director of Fuelbanc scheme arrested and charged, 09-217AD, 4 Nov
NSW accountant and company director pleads guilty, 09-211AD, 30 Oct
Melbourne man convicted of managing a corporation while disqualified, 09-210AD, 29 Oct
Victorian insurance broker permanently banned, 09-208AD, 27 Oct
Queensland investment scheme promoter jailed, 09-201AD, 19 Oct
Consumer Action Law Centre warns the public about telephone scam falsely using its name, 9 Oct
Sydney man in court for insider trading offence, 09-196, 9 Oct
ASIC commences proceedings against Perth financial services business, 09-194, 7 Oct
Former Tasmanian insurance broker fined $27,000, 09-185, 30 Sep
ASIC responds to concerns regarding ADMS direct marketing, 09-184, 29 Sep
Melbourne financial planner banned, 09-178, 18 Sep
Sydney man sentenced on early access to super charges, 09-172, 11 Sep
Streetwise investors' retain homes, 09-169, 10 Sep
ASIC acts on illegal early access to super, 09-158, 28 Aug
Two people charged over illegal early release of superannuation schemes, 09-151, 19 Aug
Victorian agribusiness adviser banned for five years, 09-144, 12 Aug
Sydney man receives suspended sentence on early access to super charges, 09-121, 10 July
Improved access to simple advice for superannuation fund members, 09-119, 9 July
WA Firepower adviser banned for eight years, 09-118, 8 July
ASIC permanently bans Victorian insurance broker, 09-114, 24 June
Federal court declares Sydney mortgage broker engaged in misleading and deceptive conduct, 09-113, 24 June
A reverse mortgage may not be right for you, 09-112, 22 June
$564 million - money just waiting to be claimed, 09-95, 26 May
ASIC releases financial hardship report, 09-76AD, 7 May
Don't fall victim: ASIC roadshow to help South Australian investors stay safe 09-74, 4 May
Term deposits: ASIC releases an investor and consumer guide and announces a review 09-62, 16 April
ASIC and ASX act to protect retail investors of partly paid securities, 09-57, 6 April
ASIC extends ban on covered short selling of financial securities, 09-33, 5 March
ASIC reviews policy on internet discussion sites, 09-33, 2 March

2008 releases

AD08-54 New financial literacy resource for secondary schools, 08-54, 7 November 2008
AD08-78 Moola matters! Winners announced in the NT, 08-78, 2 December 2008
ASIC facilitates withdrawals from frozen funds, 08-214, 31 October 2008
New account switching service, 08-213, 31 October 2008
Missing half a billion?, 08-212, 29 October 2008
Requirements for disclosure and reporting of short sales 08-211, 28 October 2008
ASIC extends ban on short selling, 08-210, 21 October 2008
ASIC commences action against KPMG over Westpoint collapse, 08-207, 13 October 2008
ASIC proposes financial services EDR claim limit of $280,000, AD08-05, 8 September 2008
Where does all my money go?, CA08-13, 29 August 2008
Shoes or super? Put your tax refund to good use, CA08-12, 11 August 2008
Trustee of self managed super fund in court on ASIC charge, 08-181, 5 August 2008
Funeral funds guide for Aboriginal and Torres Strait Islander people, CA08-10, 28 July 2008
ACCC/ASIC debt collection phone-in day, 08-170, 28 July 2008
ASIC launches action in relation to fuel technology company, 08-163, 21 July 2008
Less paper in super, 08-128, 20 June 2008
ASIC acts on GE Money's insurance and debt collection practices, 08-106, 22 May 2008
ASIC approves new complaints scheme, 08-103, 20 May 2008
ASIC warns against new cold calling operations, CA08-08 , 26 June 2008
Are you getting the right advice?, CA08-06, 21 May 2008
Sports Arbitrage - don't gamble on this get rich quick scheme, CA08-05 , 30 April 2008
Investor research report, 08-85, 24 April 2008
New investor guide on debentures, CA 08-04, 23 April 2008
Better disclosure for retail investors in unlisted unrated debentures, 08-82, 23 April 2008
No shortage of harebrained schemes – 2008 'Pie in the sky’ awards, CA 08-03, 1 April 2008
Refinancing in response to financial stress – ASIC report, 08-53, 13 March 2008
ASIC takes action against trustee of early release super scheme , 08-49, 11 March 2008
Be on guard: ASIC warns on cold call lies, 08-35, 29 February 2008
ASIC response to Treasurer’s initiatives on switching fees on home loans, 08-21, 11 February 2008
New ASIC guide helps Australians make ‘Super Decisions’, CA08-02, 4 February 2008 - Read this release in your language
Finance broker pays $98,000 to support Queensland Indigenous communities, 08-11, 31 January 2008
NAB responds to ASIC concerns about remote lending practices, 08-06, 14 January 2008
New Year’s resolutions to kick-start the year, CA08-01, 2 January 2008

2007 releases

Better disclosure for unlisted and unrated debentures: ASIC releases its advertising guide, 07-333, 19 December 2007
ASIC takes action to protect investor funds in unlicensed schemes, 07-326, 14 December 2007
ASIC action ends sale of 'virtual money' cards, 07-323, 12 December 2007
ASIC urges unclaimed money owners to stake their claim in $458 million, 07-316, 30 November 2007
Living with a reverse mortgage – ASIC report, 07-306, 21 November 2007
ASIC warns investors to be wary of high return investment schemes, CA 07-18, 15 November 2007
ASIC to pursue compensation for Westpoint investors, 07-291, 8 November 2007
ASIC’s next steps towards better disclosure for unlisted and unrated debentures, 07-280, 31 October 2007
ASIC takes action and warns against non-compliant offshore investments CA 07-17, 16 October 2007
NT students savvy with money – and win CA07-16, 27 September 2007
Make last year's tax refund this year's smart money decision CA07-15, 13 September 2007
ASIC outlines new and improved disclosure for the unlisted and unrated debentures market, 07-223, 23 August 2007
Money Talks - ASIC takes Indigenous outreach to the airwaves, CA 07-14, 9 August 2007
ASIC warns Aboriginal communities of get rich quick schemes, CA 07-13, 8 August 2007
ASIC and ATO warn consumers tempted by illegal early access super schemes, MR 07-197, 19 July 2007
ASIC stops unsolicited offers to purchase shares by M&M Investments MR 07-189, 16 July 2007
ASIC stops unsolicited offers to purchase shares by share buyback group MR 07-183, 9 July 2007
ASIC crackdown on disqualified directors MR 07-169, 26 June 2007
ASIC acts against early release super scheme promoter - Western Sydney MR 07-163, 19 June 2007
New online help for people making a complaint MR 07-156, 12 June 2007
Will you have enough to retire on? Ask Fido’s new retirement calculator, CA 07-12, 7 June 2007
ASIC works with industry to ensure clear reverse mortgage advertising MR 07-152, 4 June 2007
ASIC statement on Australian Capital Reserve MR 07-145, 29 May 2007
Court finds major mortgage broker’s conduct misleading and deceptive MR 07-144, 28 May 2007
ASIC urges investors to seek the right advice CA 07-11, 22 May 2007
ASK FIDO to calculate your retirement income – new pension calculator, CA 07-10, 15 May 2007
Bendigo Bank shareholders beware, CA 07/9, 3 May 2007
ASIC helps Defence Force staff and their families with managing their money MR 07-113, 1 May 2007
Planning a large super contribution before 30 June? Consider ASIC’s tips, CA 07/8, 26 April 2007
ASIC takes financial literacy back to school during National Youth Week 2007 – NT, CA 07/7, 20 April 2007
07-75 ASIC works with Singapore and the US to stop cold calling scheme targeting currency and commodity options
ASIC launches new ‘simpler super’ calculator, CA 07/5, 5 April 2007
Don’t be fooled this April Fools’ day: ASIC helps you spot a scam MR 07-81, 1 April 2007
Protect your identity, MR 07-77 26 March 2007
ASIC works with Singapore and the US to stop cold calling scheme targeting currency and commodity options, 07-75 , 23 March 2007
Scams target you! Protect your money!, MR 07-51, 5 March 2007
Living on a shoestring – six steps for new uni students, CA 07/4, 5 March 2007
Scams target you! Protect yourself!, MR 07-50, 4 March 2007
Think you wouldn't be caught by a scam?, MR07-42, 22 February 2007
Forget champagne, pop a financial question this Valentine’s Day, CA 07/3, 13 February 2007
Investment scheme attracting Greek investors shut down, MR07-22, 1 February 2007
Sydney man charged over interest free home loans, MR 07-21, 30 January 2007
ASIC bans Sydney caravan operator, MR 07-19, 30 January 2007
Sky high returns are just pie in the sky, MR 07-17, 30 January 2007
SA company's licence cancelled, MR 07-16, 25 January 2007
Home insurers making improvements to reduce underinsurance, MR 07-15, 25 January 2007
Complex investments: If you don’t understand them, don't buy them, CA 07/1, 18 January 2007
ASIC calls for submissions on Review of EFT Code of Conduct, 07-09, 12 January 2007

2006 releases

Improve your financial fitness in 2007 with ASIC’s New Year resolutions, MR06-450
Get serious about casual benefits this Christmas, MR06-434, 14 December 2006.
ASIC warns potentional investors against new cold calling operation - Millennium Futures Ltd, MR06-432, 13 December 2006.
New campaign to protect against identity theft, 7 December 2006
Going on holiday this Christmas? Make sure you’ve got things covered, MR06-414, 29 November 2006.
ASIC reports on monitoring superannuation fees and costs, Information release IR06-39, 17 November 2006.
New ASIC money quiz for women: test your financial fitness, 06-399, 15 November 2006
Smart money tips for the silly season, 06-392, 8 November 2006
ASIC warns lenders about misleading ads on interest rates, MR06-388, 6 November 2006.
ASIC takes further action against David Tweed, MR06-382, 2 November 2006.
ASIC acts against Canberra mortgage broker, MR06-373, 27 October 2006.
ASIC welcomes national e-security initiative, MR06-372, 23 October 2006.
Sure thing? Sure scam! ASIC warns spring racing punters, MR06-366, 18 October 2006.
ASIC action assists Money For Living investors to pursue other proceedings, MR06-350, 29 September 2006.
Short of a dollar? We have $204 million in unclaimed bank accounts, 06-342, 27 September 2006
Get on top of your super 06-328, 18 September 2006
Simple, but savvy - making the most of your tax refund, MR06-310, 11 September 2006.
ASIC calls for price check on Tweed’s low-ball Coles Myer offer, MR06-299, 30 August 2006.
GE MasterCard customers refunded after ASIC review, MR06-298, 30 August 2006.
ASIC comp takes financial literacy back to school, MR06-292, 23 August 2006.
Don't invest a cent in a fixed interest investment without using ASIC's 3-way test, MR06-290, 22 August 2006.
ASIC urges money smarts for young Australians, MR06-278, 11 August 2006.
Aussie responds to ASIC's concerns over bait advertising, MR06-276, 11 August 2006.
ASIC concerned over misleading use of past performance information in ads, MR06-271, 9 August 2006.
Lessons learnt the hard way: ASIC warns against ABC Tutors, MR06-258, 31 July 2006.
ASIC welcomes launch of Understanding Money campaign, MR06-252, 27 July 2006.
Tune in to ASIC's 'Your money', MR06-245, 24 July 2006.
You can complain - ASIC helps consumers stand up for their rights, MR06-240, 18 July 2006.
Underpriced share offer for Investa Properties Ltd, MR06-238, 12 July 2006.
Let this 'limited' offer take off without you, MR06-231, 10 July 2006.
More help for book up in Indigenous communities, MR06-230, 10 July 2006.
Westpac reviews advertising in response to ASIC's concerns, MR06-224, 5 July 2006.
Use your tax cut gain to ease financial strain 06-222, 5 July 2006
NT young minds awarded in ASIC comp, MR06-209, 23 June 2006.
‘Phishing’ scams more common and sophisticated – ASIC warning, MR06-192, 13 June 2006.
ASIC advice for Territorian investors: don’t miss out!, MR06-180, 5 June 2006.
ASIC stops unsolicited share offer, MR06-165, 25 May 2006.
Has your financial adviser got a licence?, MR06-162, 3 February 2006.
Helping Indigenous employees get to grips with superannuation, MR06-136, 2 May 2006.
Karl Suleman pleads guilty to ASIC charges, MR06-134, 1 May 2006.
Citibank responds to concerns about ReadyCredit card, MR06-132, 1 May 2006.
New calculator helps consumers consider risk, MR06-129, 27 April 2006.
ASIC helps consumers understand reverse mortgages and home reversion schemes, MR06-115, 11 April 2006.
Financial skills a must for young Australians, MR06-106, 6 April 2006.
Financial skills a must for young Australians, MR06-106, 6 April 2006.
Survey finds quality of advice on super still needs improvement, MR06-104, 6 April 2006.
ASIC warning - mining and regional communities at risk from investment frauds, MR06-099, 3 April 2006.
Money for Living brothers charged with fraud, MR06-097, 10 April 2006.
ASIC stops misleading reverse mortgage advertising , MR06-093, 29 March 2006.
ASIC action leads to wind up of $20 million Queensland investment scheme, MR06-089, 29 March 2006.
ASIC warns of logo deception , MR06-087, 27 March 2006.
ASIC launches new term allocated pension calculator and upgrades super calculator, MR06-083, 22 March 2006.
Consumer protection in financial services, An address by ASIC Chairman, Jeffrey Lucy AM, to the Consumer Affairs Victoria – Third National Consumer Congress, 17 March 2006
ASIC warns against cold calling scammers - ‘old dogs’ with ‘new tricks’ , MR06-067, 6 March 2006.
ASIC e-newsletter warns unsuspecting consumers, MR06-051, 23 February 2006.
ASIC launches reverse mortgage calculator for seniors, MR06-039, 16 February 2006.
ASIC urges people to claim missing money, MR06-036, 14 February 2006.
New taskforce warning on scams - delete it! hang up! destroy it!, MR06-029, 13 February 2006.
Tutormaster fails students, MR06-023, 7 February 2006.
Latest move to 'fee-for-advice' a positive step, MR06-022, 3 Feburary 2006.
All that glitters is not gold, MR 06-009, 18 January 2006.
Astronomical returns or pie in the sky?, MR06-004, 10 January 2006.

2005 releases

Unlicensed superannuation advisers stopped - illegal early access crackdown, MR05-96, 18 April 2005.
ASIC action stops further promotion of wealth creation seminars, MR05-85, 5 April 2005.
ASIC to go shadow shopping, 05-79, 1 April 2005.
ASIC charges Tasmanian man as part of ‘super switching’ campaign, 05-78, 1 April 2005.
Is ‘PIPS’ (People in Profit System) a Pie in the Sky?, MR05-60, 17 March 2005.
Get on top of your loans with FIDO’s new multi-loan calculator, MR05-55, 10 March 2005.
ASIC takes action against Melbourne-based investment scheme, MR05-409, 23 December 2005.
ASIC acts on super switching advice, MR05-405, 20 December 2005.
ASIC launches book up guide for Indigenous communities, MR05-393, 15 December 2005.
Getting advice: a practical guide to personal financial advice, MR05-385, 12 December 2005.
Sydney directors banned for 25 years and ordered to pay $3.6 million compensation, MR05-375, 11 November 2005.
ASIC Chairman welcomes financial literacy research, MR05-369, 25 November 2005.
ASIC stops misleading advertising, MR05-367, 23 November 2005.
ASIC obtains injunctive orders in relation to $17 million scheme, MR05-355, 11 November 2005.
ASIC acts on fuel savings scheme, MR05-323, 18 October 2005.
Superannuation advertising continues to attract ASIC’s attention, MR05-311, 13 October 2005.
Western Sydney ‘Cash King’ ordered to refund customers, MR05-310, 13 October 2005.
ASIC reminds motorists to check insurance as director fined for contempt, MR05-287, 20 September 2005.
‘PIPS’ (People in Profit System): Investigation in Malaysia, MR05-264, 6 September 2005.
ASIC warns - more illegal investment schemes in North Queensland, MR05-244, 18 August 2005.
NT students talk money and win, MR05-236, 12 August 2005.
Multi-million dollar investment scheme wound up, MR05-230, 8 August 2005.
Promoter of early release super scheme sentenced, MR05-222, 1 August 2005..
ASIC takes action over multi-million dollar investment scheme, MR05-204, 19 July 2005.
Super choice: your opportunity to make the right decisions, MR05-187, 1 July 2005.
ASIC takes action over illegal early access superannuation schemes valued at $3.5m, MR05-183, 29 June 2005.
Another wealth creation spruiker caught out, MR05-167, 22 June 2005.
New ASIC calculator for managed funds, MR05-158, 16 June 2005.
ASIC accepts enforceable undertaking from Adelaide man making unsolicited share offers, MR05-131, 19 May 2005.
Want to avoid a 47 year credit card loan and $21,000 in interest? ASIC launches new online calculator, MR05-113, 5 May 2005.
Super Choices: your super, your future, your choice, MR05-111, 4 May 2005.
ASIC winds up high-yield investment scheme, MR05-103, 22 April 2005.

2004 releases

Unlicensed superannuation advisers stopped, 04-412, 16 December 2004.
David Tweed and National Exchange fail in OneSteel proceedings, MR04-403, 10 December 2004.
ASIC acts against Gold Coast promoter of wealth creation seminars, MR04-399, 9 December 2004.
ASIC probes insurance broker remuneration, MR04-389, 20 November 2004.
ASIC takes action to stop unsolicited share offers, MR04-386, 26 November 2004.
A win for consumers against National Exchange, MR04-385, 25 November 2004.
ASIC releases list to warn people of illegal investment schemes, MR04-384, 25 November 2004.
Avoid a financial hangover this Christmas, MR04-379, 22 November 2004.
ASIC acts against National Exchange offer to Aevum shareholders, MR04-376, 19 November 2004.
Gold Coast man convicted over early release super scheme, MR04-372, 16 November 2004.
Liquidator appointed to insurance intermediary, MR04-367, 11 November 2004.
ASIC stops unlicensed company issuing securities, MR04-358, 29 October 2004.
17½ years’ jail for Brisbane operators of Bo Long investment scheme, MR04-354, 27 October 2004.
Gold Coast wealth creation seminar promoter to cease illegal operations, MR04-344, 22 October 2004.
Melbourne financial planner pleads guilty to fraud over alleged $1m Nigerian investment, MR04-341, 18 October 2004.
ASIC restrains wealth creation spruikers, MR04-339, 18 October 2004.
ASIC acts against foreign companies operating Australian-based unregistered investment schemes, MR04-332, 12 October 2004.
ASIC ensures wealth creation seminars comply with the law, MR04-322, 4 October 2004.
ASIC obtains orders against former Adelaide insurance agent, MR04-317, 30 September 2004.
ASIC acts to protect investors in Primelife managed investment schemes, MR04-311, 27 September 2004.
ASIC campaign to stamp out illegal access to super schemes, MR04-302, 21 September 2004.
ASIC welcomes MIAA advertising guidelines, MR04-301, 20 September 2004.
Orders obtained against unlicensed forex trading education, MR04-272, 23 August 2004.
ASIC takes action against superannuation ‘cashback’ promoters, 04-270, 20 August 2004.
Removal of directors of public companies, Information release IR04-40, 17 August 2004.
Court appoints liquidator to providers of builder’s insurance, MR04-262, 16 August 2004.
Orders obtained against unlicensed forex trading education, MR04-258, 12 August 2004.
ASIC crackdown against misleading mortgage broker advertising continues, MR04-256, 10 August 2004.
ASIC ensures US speaker complies with law, MR04-243, 27 July 2004.
ASIC acts to protect consumers at Robert Allen's One Minute Millionaire seminar, MR04-239, 21 July 2004.
ASIC obtains $50,000 compensation and voluntary banning from director of failed companies, MR04-228, 14 July 2004.
ASIC shuts down unlicensed fine insurer, MR04-225, 13 July 2004.
ASIC obtains enforceable undertaking from promoter of share-trading program, MR04-221, 9 July 2004.
Liquidator appointed to illegal investment scheme in North Queensland, MR04-217, 6 July 2004.
Court appoints provisional liquidator to providers of builder’s insurance, MR04-215, 2 July 2004.
ASIC obtains orders against former Adelaide insurance agent, MR04-212, 1 July 2004.
Valuing options for directors and executives, MR04-206, 11 August 2004.
Bad apples crunched, MR04-202, 25 June 2004.
Illegal Dominican schemes wound up and scheme operator banned for 20 years, 04-199, 23 June 2004.
Four-year ban for former Victorian representative, MR04-197, 21 June 2004.
Powerful new superannuation calculator for consumers, MR04-189, 15 June 2004.
ASIC obtains orders to wind up Queensland property investment scheme, MR04-186, 11 June 2004.
Soft dollar benefits need clear disclosure, MR04-181, 10 June 2004.
ASIC acts against option trading seminars, MR04-176, 4 June 2004.
ASIC obtains injunction stopping illegal offer of Swiss bank accounts, MR04-175, 4 June 2004.
Court stops investments in ginseng scheme, MR04-163, 27 May 2004.
Seven years' jail for former Tasmanian financial adviser, MR04-159, 26 May 2004.
Recoilless investors offered shares or a refund, MR04-143, 18 May 2004.
Traders eligible for refund of referral fee under enforceable undertaking, MR04-132, 5 May 2004.
AMP to resolve unit pricing issue, 04-120, 23 April 2004.
Appeal by National Exchange and David Tweed dismissed, MR04-118, 22 April 2004.
ASIC action protects over $1.5 billion in shareholders' funds, MR04-117, 22 April 2004.
ASIC obtains orders appointing provisional liquidator to Geelong mortgage broker, MR04-116, 21 April 2004.
WA financial adviser banned, MR04-111, 19 April 2004.
Financial services licensee restrained, MR04-110, 19 April 2004.
ASIC seeks to wind up Queen Victoria project, MR04-101, 7 April 2004.
ASIC releases results of preferential remuneration project, MR04-098, 7 April 2004.
ASIC acts to stop illegal door-to-door selling to indigenous communities, MR04-094, 1 April 2004.
Liquidator appointed to illegal investment scheme in North Queensland, MR04-090, 30 March 2004.
Brisbane investment adviser banned, MR04-086, 29 March 2004.
Optioneer corrects its advertising, MR04-079, 24 March 2004.
Operator of sunken treasure schemes arrested and charged, MR04-075, 19 March 2004.
If it sounds too good to be true, MR04-067, 15 March 2004.
ASIC stops another promoter of early release super scheme, MR04-059, 5 March 2004.
Karl Suleman found guilty of fraud, MR04-058, 5 March 2004.
Federal Court rules on door-to-door sales in Aboriginal communities, MR04-057, 5 March 2004.
Sunshine Coast man sentenced on ASIC charges, MR04-052, 4 March 2004.
ASIC obtains injunctions against International Finance Corporation and its director, MR04-049, 24 February 2004.
ASIC action over promoter of early release super scheme, MR04-032, 11 February 2004.
Warning against illegal schemes offering early access to super benefits, MR04-028, 3 February 2004.

FIDO Website: Printed 03/15/2010