Summary of enforcement outcomes: January to June 2022

This page provides an overview on ASIC’s enforcement actions in a particular six-monthly period. The data below reflects the period 1 January to 30 June 2022.

Contents:

Summary of enforcement outcomes

Prosecutions

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25 individuals charged in criminal proceedings

132 criminal charges laid

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7 custodial sentences, including fully suspended sentences (2 people imprisoned)

10 non-custodial sentences

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81 defendants prosecuted for strict liability offences

171 criminal charges laid in summary prosecutions for strict liability offences

Civil penalties

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$145.8m in civil penalties imposed by the courts

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7 civil penalty cases commenced

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40 civil penalty cases currently before courts

Bannings

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31 individuals removed or restricted from providing financial services or credit

26 individuals disqualified or removed from directing companies

Infringement notices

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2 infringement notice issued

$26,640 in infringement penalties paid

Investigations

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60 investigations commenced

148 investigations ongoing

Financial services enforcement outcomes

Table 1: Financial services enforcement outcomes (number of respondents by misconduct and remedy type)

Misconduct type Criminal Civil Administrative Total
Credit misconduct 2 6 12 20
Financial advice misconduct 2 5 7 14
Insurance misconduct 0 2 0 2
Investment management misconduct 1 3 6 10
Superannuation misconduct 1 5 2 8
Total 6 21 27 54

One criminal result in the ‘Investment management misconduct’ category, one administrative result in the 'Credit misconduct' category, and one administrative result in the 'Superannuation misconduct' category was under appeal as at 1 July 2022.

Table 2: Financial services enforcement litigation in progress (number of respondents as at 1 July 2022)

Misconduct type Criminal Civil Total
Credit misconduct 2 8 10
Financial advice misconduct 11 1 12
Insurance misconduct 2 7 9
Investment management misconduct 5 3 8
Superannuation misconduct 6 5 11
Total 26 24 50

Markets enforcement outcomes

Table 3: Markets enforcement outcomes (number of respondents by misconduct and remedy type)

Misconduct type Criminal Civil Administrative Total
Continuous disclosure 0 1 0 1
Insider trading 2 0 0 2
Market manipulation 0 1 1 2
Other market misconduct 0 0 1 1
Total 2 2 2 6

Table 4: Markets enforcement litigation in progress (number of respondents as at 1 July 2022)

Misconduct type Criminal Civil Total
Continuous disclosure 0 4 4
Emerging misconduct (cyber, crypto) 2 1 3
Insider trading 4 1 5
Market manipulation 2 1 3
Other market misconduct 3 1 4
Total 11 8 19

Corporate governance enforcement outcomes

Table 5: Corporate governance enforcement outcomes (number of respondents by misconduct and remedy type)

Misconduct type Criminal Administrative Total
Auditor misconduct 0 32 32
Liquidator misconduct 0 2 2
Directors' duties and governance failures 0 0 0
Other corporate governance misconduct 2 0 2
Total 2 34 36

Table 6: Corporate governance enforcement litigation in progress (number of respondents as at 1 July 2022)

Misconduct type Criminal Civil Total
Directors' duties and governance failures 25 1 26
Other corporate governance misconduct 1 0 1
Auditor misconduct 1 0 1
Total 27 1 28

Small business enforcement outcomes

Table 7: Small business enforcement outcomes (number of respondents by misconduct and remedy type)

Misconduct type Criminal Administrative Total
Action against persons or companies 88 33 121
Total 88 33 121

Table 8: Small business criminal prosecutions in progress (number of respondents by misconduct and remedy type)

Misconduct type Criminal Total
Action against persons or companies 86 86
Total 86 86

 

Last updated: 28/07/2022 10:59