ASIC secures travel restraint orders against Global Investment Marketing director Darren Geddes

ASIC has secured travel restraint orders from the Federal Court against Gold Coast-based director of Global Investment Marketing Pty Ltd (GIM), Darren Geddes.

David Paul Hodgson disqualified for unlicensed financial services and misleading statements

The Federal Court has disqualified Queensland director David Paul Hodgson from managing corporations for five years and permanently restrained him from engaging in financial services without an Australian financial services licence in an action brought by ASIC against Mr Hodgson and Paladin Group companies MacroLend Pty Ltd and Great Southland Limited, of which Mr Hodgson is the sole director.

ASIC takes court action alleging RACQ sent half a million misleading insurance renewal comparisons

One of Queensland's largest insurers sent thousands of customers over half a million renewal documents with misleading comparison pricing for more than five years despite customer complaints, ASIC alleges in new proceedings commenced in the Federal Court.

Financial services company Bell Group Holdings restates 2023 accounts following concerns raised by ASIC

Bell Group Holdings Pty Limited (Bell Group) has lodged its financial report for the year ended 31 December 2024 with restated FY23 comparative figures following a review by ASIC as part of its proactive surveillance program to improve financial reporting quality.   

ASIC signals opportunity for industry to lift private credit standards

In its latest update on Australia’s public and private markets, ASIC has called on industry bodies to lift their standards across Australia’s private credit sector following expert observations on better and poorer practices (Report 814 Private credit in Australia (REP 814)).

ASIC issues DDO stop order against RELI Capital Mortgage

ASIC has made an interim stop order against the RELI Capital Mortgage Fund (Fund), a registered managed investment scheme operated by RELI Capital Limited (RELI Capital) to protect consumers and retail investors from acquiring a product that may not be suitable for their financial objectives, situation or needs.

ASIC Chair Joe Longo not seeking reappointment

ASIC Chair Joe Longo not seeking reappointment

ASIC issues DDO stop orders against La Trobe Australian Credit Fund

ASIC has made interim stop orders against the 12 Month Term Account and 2 Year Account products offered under the La Trobe Australian Credit Fund (Fund), a registered managed investment scheme operated by La Trobe Financial Asset Management Limited (La Trobe) due to deficiencies in the target market determination (TMD) for both products. 

ASIC issues DDO stop order against La Trobe US Private Credit Fund

ASIC has made an interim stop order against La Trobe US Private Credit Fund (Fund), a registered managed investment scheme operated by La Trobe Financial Asset Management Limited (La Trobe) to protect consumers and retail investors from acquiring a product that may not be suitable for their financial objectives, situation or needs.

ASIC bans NSW solicitor and accountant Christopher Malcolm Edwards from providing financial services for 10 years

ASIC has banned NSW solicitor and accountant, Christopher Malcolm Edwards, from providing financial services for 10 years.

ASIC appoints new Chairs and members to the Markets Disciplinary Panel

ASIC today announced the appointment of a new Chair, Deputy Chair, and three new members to the Markets Disciplinary Panel (MDP), and thanks five retiring members for their significant contribution.

Melbourne man sentenced in Kidman Resources insider trading case

Duncan Stewart, of Armadale, Victoria, has been sentenced to 18 months imprisonment for insider trading in relation to mining company, Kidman Resources Limited (Kidman) and a takeover offer from Wesfarmers Limited (Wesfarmers).

ANZ admits widespread misconduct and agrees to pay $240 million in penalties

Australia and New Zealand Banking Group Limited (ANZ) has admitted to engaging in unconscionable conduct in services it provided to the Australian Government, incorrectly reporting its bond trading data to the Australian Government by overstating the volumes by tens of billions of dollars and to widespread misconduct across products and services impacting nearly 65,000 customers. 

Federal Court extends freezing orders against First Mutual Private Equity and director Gregory Cotton to protect investor funds

The Federal Court has extended orders, first made on 15 August 2025, freezing the bank accounts of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd (First Mutual) until further order.

Federal Court freezes assets and appoints receivers to related entities of Australian Fiduciaries Limited

On 4 September 2025, following an application made by ASIC, the Federal Court has ordered that Matthew Charles Hudson and Terry van der Velde of SV Partners be appointed receivers to the property of SRI Fiduciaries 2 Pty Ltd and SRI Fiduciaries 3 Pty Ltd—related entities of Australian Fiduciaries Limited (Australian Fiduciaries)—and made orders freezing their assets. 

Court delivers ruling in Money3 responsible lending case

The Federal Court has delivered judgment in ASIC's proceedings against Money3 Loans Pty Ltd (Money3), a car finance provider that ASIC alleged breached responsible lending laws when it entered into five loans with borrowers who were largely or solely reliant on Centrelink payments.

James Mawhinney handed 15-year injunctions in ASIC proceedings

Mayfair 101 Group director James Mawhinney will be unable to promote or raise funds in connection with financial products for over a decade after the Federal Court found he had a ‘cavalier attitude to compliance’ and handed down final restraint orders in proceedings brought by ASIC.

Chris Marco found guilty of fraud totalling more than $34 million

A Supreme Court jury has found Perth businessman Chris Marco, of Applecross, Western Australia, guilty of fraud following a five week trial.

ASIC accepts cancellation of company auditor registration for independence failures

ASIC has accepted Mr Allan William Donald’s application for the cancellation of his registration as a company auditor following ASIC raising concerns that he did not comply with the independence requirements of auditors under the Corporations Act 2001 and ethical requirements outlined in the APES 110 Code of Ethics for Professional Accountants (including Independence Standards).

High Court grants ASIC special leave to appeal Block Earner decision

The High Court has granted ASIC special leave to appeal a Full Federal Court decision, which found that digital asset service provider, Block Earner, did not need a financial services licence to offer a fixed-yield digital asset-related product.

Full Federal Court dismisses Latitude and Harvey Norman’s appeals

The Full Federal Court has unanimously dismissed ‘barely arguable’ appeals brought by Latitude Finance Australia (Latitude) and Harvey Norman Holdings Ltd (Harvey Norman) over misleading conduct and false or misleading representations they made in a national advertising campaign promoting a 60-month interest free and no deposit payment method for goods purchased at Harvey Norman stores.

ASIC cancels three Australian credit licences and suspends one Australian credit licence for failing to hold AFCA membership

ASIC has cancelled three Australian credit licences and suspended one Australian credit licence for failing to hold Australian Financial Complaints Authority (AFCA) membership.

Charges discontinued against former Bruck Textile Technologies officers

Charges against Mr Philip James Bart and Mr Ronald George Johnson, the former Chair and Chief Financial Officer of Bruck Textile Technologies Pty Ltd (Bruck Textile) respectively, have been discontinued.

ASIC slashes red tape and calls for further regulatory simplification proposals

A new report from ASIC reveals the agency has culled more than 9,240 pages of regulation since the beginning of the year as it calls for further ideas for regulatory simplification.

Societe Generale Securities Australia fined $3.88 million for market gatekeeper failures

One of the largest participants in the ASX 24 Market has been fined $3.88 million by the Market Disciplinary Panel (MDP), following an ASIC investigation, for failing to prevent suspicious orders from being placed on the electricity and wheat futures market.

Sydney gym director convicted of making false statement to ASIC

Jye Dilin Menzies-Clifton from Minchinbury, NSW, has been convicted in the Mt Druitt Local Court at Sydney after pleading guilty to one count of authorising the making of a false statement in a document lodged with ASIC.

ASIC permanently bans Brett Trevillian from providing financial services

ASIC has permanently banned New South Wales based investment manager, Brett Paul Trevillian, from providing financial services and engaging in credit activities following his conviction for serious fraud.

Open4Sale Global directors fined $2.8 million for fundraising breaches

Two directors of the Australian company Open4Sale Global Ltd (Open4Sale) have been penalised a total of $2.8 million by the Federal Court for breaching disclosure laws.

ASIC bans former United Global Capital (in Liquidation) financial adviser Milutin Petrovic for 6 years

ASIC has banned Milutin Petrovic for six years from providing financial services, controlling (whether alone or in concert with one or more other entities) an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business.

ASIC takes further action against Ferras Merhi over First Guardian and Shield superannuation advice

ASIC has sought leave from the Federal Court to expand its existing proceeding against former financial adviser Ferras Merhi to allege he engaged in unconscionable conduct, failed to act in the best interests of clients, gave conflicted advice, and provided defective statements of advice whilst receiving millions of dollars.

ASIC cancels licence of Easy Plan Financial Services Pty Ltd

ASIC has cancelled the Australian credit licence of Easy Plan Financial Services Pty Ltd (Easy Plan) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR).

ASIC cancels AFS licence of BDS Accounting Pty Ltd for failure to pay industry funding levies

ASIC cancelled the Australian financial services (AFS) licence of BDS Accounting Pty Ltd effective from 28 July 2025.

ASIC cancels AFS licence of MWL Financial Services and bans MWL’s director

ASIC has cancelled the Australian Financial Services licence of MWL Financial Services Pty Ltd (MWL) and banned MWL’s director Nicholas Maikousis for 10 years over conduct in relation to the Shield Master Fund (Shield).

ASIC bans compliance manager Robert John Tohill of MWL Financial Services

ASIC has banned Robert John Tohill for a period of 5 years from providing any financial services, performing, as an officer, responsible manager or compliance manager, any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business.

TerraCom to pay $7.5 million after ASIC whistleblower action

TerraCom Limited (TerraCom) will pay a penalty of $7.5 million for whistleblower victimisation, following Federal Court proceedings brought by ASIC.

ASIC’s Moneysmart urges consumers to be on the lookout for scams after 25 per cent jump in fake celebrity finance endorsements

Consumers are being bombarded by investment scam ads and investment scam websites using the images of well-known Australian identities, prompting regulator ASIC to ramp up its takedown capability.

ASIC plan underscores response to financial ecosystem threats

New statistics detail a boost to ASIC’s investigation and enforcement activity as the agency outlines its focuses in the year ahead.

ASIC sues Equity Trustees alleging due diligence failures relating to Shield

ASIC has commenced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited (Equity Trustees), alleging failures in due diligence concerning the Shield Master Fund (Shield).

Marion Pearson successfully extradited from New Zealand to Australia to face stealing charges totalling $4 million

Former financial advisor Marion Joan Pearson has appeared in the Perth Magistrates Court over stealing charges related to the alleged misappropriation of approximately $4,100,000 belonging to 13 clients.

Federal Court freezes funds of Melbourne-based Gregory Cotton and his company First Mutual Private Equity Pty Ltd

ASIC has obtained urgent interim orders from the Federal Court to freeze the bank accounts of Gregory Raymond Cotton from Melbourne and First Mutual Private Equity Pty Ltd (First Mutual), of which Mr Cotton is the sole director.

ASIC cancels Australian credit licence of Chuuse Pty Ltd

ASIC has cancelled the Australian credit licence (credit licence) of Queensland-based credit services provider Chuuse Pty Ltd (ACN 002 170 541) (Chuuse).

ASIC permanently bans former Self-Managed Superannuation Fund (SMSF) accountant Jason Richard Poser

ASIC has permanently banned South Australian based SMSF accountant Jason Richard Poser following his conviction of aggravated theft.

Scammers on notice as ASIC steps up action to protect consumers from online investment scams

ASIC’s investment scam website takedown capability is being expanded to include social media ads in an escalation of the agency’s fight to protect Australians.

New data reinforces ASIC’s focus on consumer and retail investor protection

ASIC is repeating its warning to Australians to make informed investment decisions after new data revealed a sharp rise in the number of complaints affecting retail investors.

ASIC increases its focus on lodgement of financial reports after finding poor compliance by grandfathered companies

High levels of non-compliance by previously grandfathered companies to lodge their financial reports has prompted ASIC to increase its intensity of reviews and launch a broader crackdown.

ASIC urges life insurers to spearhead improvements to direct sales practices

ASIC is calling on life insurance companies to step up their product, sales, and complaints handling practices as they look to expand direct sales to customers.

ASIC bans former Next Generation Advice adviser Andrew Rankin for four years

ASIC has banned Gold Coast-based financial adviser Andrew Rankin from providing any financial services, controlling an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial services business for four years.

ASIC sues Mercer Super alleging systemic failure to report member services investigations

Mercer Super failed to tell ASIC about investigations into serious member services issues, including incorrect insurance premium refunds for dead members, the regulator alleges in new proceedings launched today in the Federal Court.

NAB and AFSH penalised $15.5 million for failing customers facing financial hardship

The Federal Court has ordered National Australia Bank (NAB) and its subsidiary, AFSH Nominees Pty Ltd (AFSH), to pay a pecuniary penalty of $15.5 million for failing to respond to customers facing hardship.  

ASIC to review superannuation investment requirements

ASIC has commenced a targeted review that may help boost investment in property by Australia’s superannuation funds focusing on requirements to disclose stamp duty payments in Regulatory Guide 97.

Charges laid in Platinum Asset Management insider trading case

Greater Sydney-based former investment manager Rodney Forrest has been charged with trading and procuring others to trade Platinum Asset Management (Platinum) shares while in possession of inside information relating to a takeover offer and separately providing unlicensed financial advice.

Darryl Mapleson sentenced in Beacon Minerals insider trading case

Geological services provider Darryl Brian Mapleson was sentenced to 12 months imprisonment for insider trading, to be released forthwith upon entering a recognisance in the amount of $5,000 to be of good behaviour for a period of two years. He was also fined $60,000.

Court orders Rent4Keeps and Darranda pay $7.4 million penalty for overcharging vulnerable consumers on essential household goods

The Federal Court today imposed a penalty of $4 million against Rent4Keeps and $3.4 million against Rent4Keeps’ largest franchisee, Darranda Pty Ltd, for overcharging consumers on essential household goods, and for failing to comply with their obligations as credit licensees.

Administrative Review Tribunal upholds ASIC’s 10 year ban on United Global Capital director Joel Hewish

The Administrative Review Tribunal has upheld ASIC’s decision to ban United Global Capital (UGC) (in liquidation) director Joel James Hewish for 10 years from providing financial services, performing any function involved in carrying on of a financial services business and controlling an entity that carries on a financial services business.

ASIC takes action against a further 28 SMSF auditors in FY25

During the second half of FY25, ASIC acted against the registration of 28 approved self-managed superannuation fund (SMSF) auditors. This brings ASIC’s total actions against approved SMSF auditors in FY25 to 48.

ASIC secures million-dollar penalties from iSignthis and former director and CEO Nickolas John Karantzis

The Federal Court has ordered iSignthis Ltd (iSignthis), now known as Southern Cross Payments Ltd, to pay a $10 million penalty for breaching disclosure laws.

Former Gold Coast property developer sentenced to eight years’ imprisonment for defrauding superannuation investment funds

Former property developer Michael David Steele was sentenced to eight years’ imprisonment after using money invested for a commercial and residential property development at Biggera Waters on the Gold Coast for his own and the benefit of other family members.

Four people charged with money laundering in fake investment scam

Dimitrios (James) Podaridis, Peter Delis, Bassilios (Bill) Floropoulos, and Harry Tsalikidis, all from Victoria, have been charged with money laundering offences for their involvement in investment scams targeting individual investors.

ASIC disqualifies NT director Mark Zappia for five years

ASIC has disqualified Mark Zappia of Virginia, Northern Territory, from managing corporations for five years, after his involvement in five failed companies.

Enhancing competition and innovation in Australia’s evolving capital markets

ASIC is taking significant steps to foster competition and innovation, creating more opportunities for companies and investors, and attracting more foreign capital to Australia.

Ashley Arandez pleads guilty to dishonest conduct and dealing with proceeds of crime

Ashley Vincent Arandez of Hoppers Crossing, Victoria has pleaded guilty to dishonest conduct, unlicensed conduct, and dealing with proceeds of crime between September 2017 and April 2021.

ASIC bans Ian Potter of Superannuation Advice Australia for 5 years for failure to supervise provisional relevant provider

ASIC has banned Ian Wailes Potter from providing any financial services, controlling an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial services business for five years.

ASIC permanently bans former credit representative Emmanuel Adu

ASIC has made an order permanently banning former credit representative Emmanuel Adu of Schofields NSW from engaging in credit activities.

ASIC seeks feedback on proposed updates to conflicts management guidance

ASIC has today released proposed updates to its conflicts management guidance for financial services businesses, RG 181 Licensing: Managing conflicts of interest.

Former financial services company director charged with dishonest conduct

Donald James Cuthbertson, a former financial services company director and financial adviser, has been charged following an ASIC investigation relating to allegations he made dishonest representations to investors resulting in losses of at least $850,000 to at least six investors. 

Banks to put more than $93 million back in the pockets of low-income customers after charging excessive fees

Banks charging high fees to those who can least afford it will refund more than $93 million to customers, following ASIC’s latest bank-fee review.

ASIC’s appeal against Finder Wallet Decision dismissed

The Full Court of the Federal Court has dismissed ASIC’s appeal in the Finder Wallet case relating to a crypto-asset related product Finder Earn.

ASIC bans a further two financial advisers of MWL Financial Services

ASIC has banned the following former financial advisers of MWL Financial Services Pty Ltd (MWL) from providing financial services.

ASIC permanently bans Matthew Beresford from engaging in financial services and credit activities

ASIC has made two orders permanently banning Matthew Allen Beresford of Thornbury, Victoria from engaging in financial services and credit activities.

ASIC probes debt management and credit repair services

ASIC will launch a review into the debt management and credit repair sector, as part of its continued focus on protecting consumers, particularly those experiencing financial hardship.

ASIC sues Fortnum Private Wealth for allegedly failing to adequately manage cybersecurity risks

ASIC is suing financial advice business Fortnum Private Wealth Limited alleging it failed to properly manage and mitigate cybersecurity risks. 

ASIC cancels Australian credit licence of Lendflex Holdings Pty Ltd

ASIC has cancelled the Australian Credit Licence (ACL) of Sydney-based credit provider Lendflex Holdings Pty Ltd (Lendflex) (ACN 667 383 655).

Three GFG Alliance Group companies ordered to lodge outstanding annual reports with ASIC

Liberty Primary Metals Australia Pty Ltd, Tahmoor Coal Pty Ltd and Liberty Bell Bay Pty Ltd, companies in the GFG Alliance Group, have been ordered by the Supreme Court of NSW to lodge outstanding annual reports with ASIC.

ASIC disqualifies NSW construction director for five years

ASIC has disqualified director Anthony Azizi of Bexley, NSW, from managing corporations for five years following his involvement in the failure of three construction industry companies.

ASIC cancels seven Australian credit licences and suspends one Australian credit licence

ASIC has cancelled seven Australian credit licences (Capital House Pty Ltd, Glove Finance Pty Ltd, JTan Pty Ltd, M&H Pty Ltd, Oz Finance Professional Pty Ltd, Peppermint Loans Pty Ltd, and Sheree Nicole Becker) and suspended one Australian credit licence (David Anthony Ross) for failing to hold Australian Financial Complaints Authority (AFCA) membership.

ASIC pursues licensees after financial advisers gave advice while unregistered

In June 2025, ASIC issued infringement notices to two AFS licensees (Skye Money Pty Ltd and Smart Financial Capital Pty Ltd) whose financial advisers provided personal advice while unregistered.

Remedy Housing officials convicted of dishonesty offences

Remedy Housing officials, Brent Smith, Mahmoud Khodr and Fue Mano have been convicted of dishonesty offences for their role in promoting interest free mortgages offered by Remedy Housing.

BBY former Executive Chairman Glenn Rosewall charged over BBY’s dishonest use of $1.95 million client money

The former Executive Chairman of BBY Limited (BBY), Glenn Alexander Rosewall, has been charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.

Former Berndale director sentenced for dishonest conduct and misuse of company funds

Mr Daniel Kirby, of Melbourne Victoria, has been sentenced to 2 years and 11 months imprisonment, for dishonest conduct and misuse of company funds in relation to his role as a director of the Berndale group; Berndale Capital Securities Pty Ltd (Berndale), Berndale Capital Securities Management Pty Ltd and Algoplus Pty Ltd.

ASIC seeks Court order disqualifying David John Catsoulis from managing corporations

ASIC has commenced proceedings in the Federal Court to disqualify David John Catsoulis of Southport, Queensland, from managing corporations.

ASIC permanently bans former insurance broker Jason Prasad

ASIC has made two orders permanently banning New South Wales based insurance broker Jason Damien Prasad following fraud convictions.

Court finds James Mawhinney involved in contraventions by Mayfair 101 Group

The Federal Court has found that Mayfair 101 Group director James Mawhinney was associated with or involved in contraventions of the law by companies in the Mayfair 101 Group, following proceedings brought by ASIC.    

ASIC successfully defends Cigno Australia and BSF Solutions’ Full Federal Court appeal

The Full Federal Court today unanimously dismissed an appeal by Cigno Australia Pty Ltd and BSF Solutions Pty Ltd and their respective directors.

ACBF Funeral Plans penalised further $3.5 million following successful ASIC appeal

The Federal Court has ordered a $3.5 million penalty against ACBF Funeral Plans Pty Ltd (in liquidation) (ACBF) for misrepresenting that funeral expenses insurance provider ACBF was Aboriginal owned or managed when it was not.

Project Acacia: RBA and DFCRC announce chosen industry participants and ASIC provides regulatory relief for tokenised asset settlement research project

Project Acacia has today reached a significant milestone with a number of industry participants (see below) selected to explore how innovations in digital money and existing settlement infrastructure might support the development of Australian wholesale tokenised asset markets.

ASIC bans MWL financial adviser Matthew Bradley for 8 years

ASIC has banned Sydney based financial adviser Matthew Simon Bradley from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for eight years.

ASIC bans former MWL financial adviser Isaac McQueen for 4 years

ASIC has banned Queensland based former financial adviser Isaac Jacob McQueen from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for four years.

ASIC bans former Crown Wealth Group director Andrew Moore for failing to report fees for no service

ASIC has banned former Sydney based director, Andrew Moore, from performing any function involved in the carrying on of a financial services business, and from controlling an entity that carries on a financial services business for 3 years.

ASIC appeals Federal Court findings relating to alleged unfair term used in insurance contracts by HCF Life

ASIC has appealed the Federal Court’s decision dismissing part of ASIC’s proceedings against HCF Life Insurance Company Pty Ltd in respect of a ‘pre-existing condition’ term used in a range of products issued by HCF Life.  On 28 October 2024, the Federal Court found that while the pre-existing condition term was liable to mislead the public, it was not unfair.

ASIC permanently bans financial adviser Barry King

ASIC has permanently banned financial adviser, Barry David King, from providing financial services.

Proceedings dismissed against current and former TerraCom officers

The Federal Court has dismissed ASIC’s proceedings against TerraCom’s current managing director Daniel McCarthy and former officers Nathan Boom, Wallace King and Craig Ransley.

Review auditor of the FY18 financial statements of iSignthis Ltd admonished by the Companies Auditors Disciplinary Board

The CADB handed down its decision on 30 June 2025 admonishing Simon Christopher Trivett for failing to carry out or perform adequately and properly duties of a Review Auditor.

ASIC bans former Lighthouse Partners director Kiriley Roper for fees for no service

ASIC has banned former Redcliffe based financial adviser and director, Kiriley Roper (also known as Ms Suckling), from providing financial services for 10 years.

Consumer alert – ASIC warns about pushy sales tactics urging people to make quick superannuation switches

ASIC is warning Australians to be on red alert for high-pressure sales tactics, click bait advertising and promises of unrealistic returns which encourage people to switch superannuation into risky investments.

Former wealth manager sentenced to 12 months imprisonment for breaching Court orders

The Federal Court has convicted former Wealth and Risk Management director, Joshua Fuoco, of contempt of court and has sentenced him to 12 months imprisonment to be suspended for two years, after finding he deliberately defied the Court’s orders made on 5 February 2018 prohibiting him from conducting or being involved in a financial services business for ten years.

ASIC cancels AFS licences of two Australian financial services providers for failure to pay industry funding levies

ASIC cancelled the Australian financial services (AFS) licence of Downunder Insurance Services Ltd effective from 24 June 2025 and Ipraxis Pty Ltd effective from 25 June 2025.

ASIC secures travel restraint and asset freezing orders in connection with its investigation into First Guardian

Following an application made by ASIC, the Federal Court has made interim travel restraint orders against Falcon Capital Limited directors David Anderson and Simon Selimaj.

ASIC cancels Australian financial services licence of Ballast Financial Management Pty Ltd

ASIC has cancelled the Australian financial services (AFS) licence of Perth-based financial services provider Ballast Financial Management Pty Ltd effective 17 June 2025.

ASIC sues Delta Power & Energy (Vales Point) Pty Ltd for alleged futures market and financial benchmark manipulation

ASIC is suing Delta Power & Energy (Vales Point) Pty Ltd (formerly named Sunset Power International Pty Ltd) (Delta) for allegedly manipulating the ASX 24 market for electricity futures contracts.

ASIC sues CashnGo alleging unconscionable debt recovery practices

ASIC has commenced legal proceedings in the Federal Court of Australia against Venture 5 Group Pty Ltd (trading as CashnGo Australia), alleging that CashnGo: engaged in unconscionable debt recovery practices, employed unfair contract terms and failed to provide direct debit default notices that complied with the relevant legal requirements to 67,545 consumers.

ASIC seeks orders compelling large proprietary companies in the GFG Alliance Group to lodge outstanding financial reports

ASIC has taken action in the Supreme Court of NSW against Liberty Primary Metals Australia, Tahmoor Coal and Liberty Bell Bay for their failure to lodge annual financial reports with ASIC.

Brite Advisors auditor admits failures and surrenders registration

ASIC has accepted a court enforceable undertaking (CEU) from Perth-based registered company auditor, David Makowa of DM Advisory Services.

ASIC report suggests small business restructurings are keeping struggling companies afloat

A significant uptake in small business restructurings (SBRs) over the last few years, and other data, suggest the SBR regime is playing an important role in assisting struggling small businesses to survive, a new ASIC report reveals.

ASIC secures $12,000 fine from Cairns pawnbroker who preyed on vulnerable consumers

Cairns pawnbroker Cash Lenders, who offered high-interest credit contracts to consumers in one of Australia’s most disadvantaged areas, has been convicted and fined $12,000 for engaging in credit activity without a licence.

Registration of the auditor of the FY2018 financial statements of iSignthis Ltd cancelled by Companies Auditors Disciplinary Board

The Companies Auditors Disciplinary Board (CADB) has cancelled the registration of Bradley Laurence Willot Taylor as a company auditor.

ASIC appoints expert panel for ASX Inquiry

ASIC today announced it has appointed three panel members to conduct its Inquiry into Australian Securities Exchange (ASX) group.

ASIC warns industry and consumers of share sale fraud

Following a spike in reports of stolen shares due to identity theft and an industry review, ASIC has updated guidance for Australian financial services (AFS) licensees about how they can reduce share sale fraud risks to their clients and business.

Federal Court dismisses application by former auditor of LM Managed Performance Fund

The Federal Court has dismissed an application by Reginald Lance Williams to overturn the decision of the Companies Auditors Disciplinary Board (CADB) to cancel his registration as a company auditor and requiring him to pay ASIC’s costs of the CADB proceedings.

ASIC issues Equity Trustees infringement notices for misleading investment statements

Equity Trustees Limited has paid $56,340 to comply with three infringement notices issued by ASIC in which ASIC alleged that Equity Trustees as the responsible entity of the Artesian Green and Sustainable Bond Fund made misleading statements about the fund’s investments.

ASIC takes steps to appoint receivers to Australian Fiduciaries Ltd as investigation continues

ASIC has applied to the Federal Court, seeking asset preservation orders and the appointment of receivers to Australian Fiduciaries Ltd and numerous related entities.

ASIC launches Inquiry into ASX

ASIC today announced an Inquiry into Australian Securities Exchange (ASX) group, focusing on governance, capability and risk management frameworks and practices across the group.

ASIC cancels AFS licence of Financial Services Group Australia and permanently bans its responsible manager

ASIC has cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA), effective 4 June 2025 and permanently banned FSGA’s Responsible Manager (RM) Graham Holmes.

ASIC refuses Bakken Holdings Pty Ltd’s Australian credit licence application to provide debt management services

On 11 June 2025, ASIC refused Bakken Holdings Pty Ltd’s (Bakken) application for an Australian credit licence to provide debt management services.

ASIC bans former financial adviser Glenda Rogan for 10 years

ASIC has banned former Sutherland Shire and Wollongong based financial adviser, Glenda Maree Rogan from providing financial services for ten years.

ASIC sues Australian Unity Funds Management for failing to confirm product suitability for investors

ASIC has started court action against Australian Unity Funds Management Limited (Australian Unity) alleging it acted unlawfully by failing to take reasonable steps to ensure retail investors were in the target market for one of its investment products.

ASIC secures guilty pleas in Telegram ‘pump and dump’ action

Four people involved in a coordinated scheme to pump up Australian share prices before dumping them at inflated prices have today pleaded guilty to multiple criminal charges.

Former BBY Chief Executive Officer charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in communications with ASX Ltd

The former Chief Executive Officer of stockbroking firm BBY Limited (BBY), Arunesh Narain Maharaj, appeared today in the Downing Centre Local Court charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct.

ASIC clears path for faster IPOs

Entities listing on the ASX via the fast-track process now have access to a shorter initial public offering (IPO) timetable designed to reduce deal execution risk as part of a two-year trial announced by ASIC today. 

Full Federal Court finds Auto & General did not include an unfair contract term in its insurance contracts

The Full Federal Court has dismissed ASIC’s appeal against an earlier Federal Court ruling that a term in house and contents insurance policies issued by Auto & General Insurance Company Limited (Auto & General) was not unfair.

The future of Australia’s public and private markets – ASIC shares industry feedback and next steps

ASIC today released more than 50 public submissions received in response to its discussion paper on the evolving dynamics between public and private markets, released in February 2025. 

ASIC sues RAMS for systemic misconduct in arranging home loans

ASIC has commenced civil penalty proceedings in the Federal Court against RAMS Financial Group (RAMS) for systemic misconduct in arranging home loans.

ASIC sues Choosi for allegedly misleading customers through its insurance comparison service

ASIC is suing insurance comparison provider Choosi Pty Ltd for allegedly misleading prospective customers through its funeral and life insurance comparison services.

ASIC imposes conditions on the registration of Sydney company auditor

ASIC has imposed conditions on the registration of company auditor Allan Facey of MNSA Pty Ltd.

ASIC uncovers widespread compliance plan deficiencies in the managed investment industry

The responsible entities (REs) of a combined total of nearly $1 trillion in managed investments are failing to maintain adequate compliance plans, an ASIC review published today has found.

Australian Retirement Trust pays infringement notice over allegedly misleading performance data

Australia’s second-largest superannuation fund, Australian Retirement Trust Pty Ltd (ART), has paid $18,780 to comply with an infringement notice issued by ASIC over allegedly misleading performance data published on ART’s website.

Full Federal Court finds in favour of ASIC appeal concerning BPS Financial’s use of ‘authorised representative’ exemption

The Full Federal Court has found that BPS Financial Pty Ltd (BPS) could not rely on the ‘authorised representative’ exemption under the Corporations Act when issuing the ‘Qoin Wallet’, a non-cash payment facility, on its own behalf.

ASIC sues Blockchain Global former director for multiple directors' duties breaches

A former director of Blockchain Global Ltd (in liquidation), Mr Liang (Allan) Guo, will face Court on allegations relating to multiple breaches of his directors’ duties.

ASIC cancels AFS licence of Spectre Financial Group for competency failures

ASIC has cancelled the Australian Financial Services (AFS) licence of Spectre Financial Group Australia Pty Ltd (Spectre), which had been suspended since May 2024.

ASIC acts on concerns Kalkine Pty Limited offered unlicensed advice

Australian financial services licensee Kalkine Pty Limited must appoint an independent compliance consultant to address ASIC concerns that Kalkine's customer service representatives were giving unlicensed advice.

ASIC sues online consumer goods supplier Snaffle alleging inflated prices and overcharging on credit contracts

ASIC is suing Snaffle (operated by Walker Stores Pty Ltd) alleging it inflated the cost of household goods and electronics such as washing machines, fridges and mobile phones, and applied unlawful interest charges under its credit contracts.

Former financial services director Mark McCabe sentenced for fraud offences

Mark Francis McCabe of Roseville, NSW, was sentenced in the Downing Centre District Court at Sydney on 16 May 2025 to four years and three months’ imprisonment with a non-parole period of two years and six months for three fraud offences.

ASIC seeks leave from High Court to appeal Block Earner decision

ASIC is seeking special leave from the High Court to appeal the Full Federal Court decision which found that a product issued by Block Earner, which allowed consumers to earn fixed yield returns from lending specified crypto-assets, was not a financial product.

ASIC sues home loan manager Resimac alleging failures to customers facing financial hardship

ASIC alleges thousands of home loan customers suffering financial distress were impacted by the failure of Resimac Limited to ensure it provided appropriate care when responding to hardship applications as required by its credit licence.

ASIC cancels licence of Calaite Capital Partners Pty Ltd

ASIC has cancelled the Australian financial services licence (AFS) of Calaite Capital Partners Pty Ltd (Calaite Capital) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR).

ASIC announces financial reporting and audit focus areas for FY 2025-26

ASIC today has published its financial reporting and audit focus areas for the 2025-26 financial year and highlighted the progress of its ongoing financial reporting and audit surveillance programs.

Darryl Mapleson pleads guilty in Beacon Minerals insider trading case

A man accused of insider trading in the shares of Beacon Minerals Limited has pleaded guilty in the Supreme Court of Western Australia.

Zurich pays two infringement notices for trauma insurance claims handling failure

ASIC has issued two infringement notices totalling $37,560 to insurance company Zurich Australia Limited for allegedly making false or misleading statements to two policyholders regarding their entitlement to benefit payments.

Former Sydney financial adviser sentenced for dishonest conduct

Former financial adviser David Valvo was sentenced in the Downing Centre District Court on 12 February 2025 for engaging in dishonest conduct in the course of carrying on a financial services business, contrary to s 1041G of the Corporations Act 2001 (Cth).

ASIC cancels AFS licence of SME Crowdfunder Pty Ltd

ASIC has cancelled the Australian financial services (AFS) licence of SME Crowdfunder Pty Ltd (SME).

ASIC sues Macquarie Securities for repeated and systemic misleading conduct

ASIC is suing Macquarie Securities (Australia) Limited (MSAL) alleging it engaged in misleading conduct by misreporting millions of short sales to the market operator for over 14 years.

ASIC cancels AFS Licence of Thistle Financial Group Pty Ltd

ASIC has cancelled the Australian financial services (AFS) licence of Queensland-based financial services provider Thistle Financial Group Pty Ltd ACN 610 316 053 (Thistle Financial Group) effective from 7 May 2025.

Former bankrupt coconut water CEO sentenced after using company money to pay personal expenses

Tim Xenos, a former coconut water CEO who used more than $100,000 worth of company funds to pay for his personal legal and bankruptcy expenses, has been sentenced in the Downing Centre Local Court at Sydney to a term of imprisonment for 18 months to be served by way of an Intensive Corrections Order (ICO).

Ascent director Michael Dunjey charged with 33 criminal offences

Director of Ascent Investment and Coaching Pty Ltd, Michael Dunjey of Hampton, Victoria, appeared at the Perth Magistrates Court on 9 May 2025, charged with 33 criminal offences.

Federal Court fines HCF Life for misleading contract term, orders corrective disclosure

The Federal Court has ordered that HCF Life Insurance Company Pty Limited pay a pecuniary penalty of $750,000 and, as agreed by the parties, make corrective disclosures on its website following the Court’s finding in October 2024 that a pre-existing condition term in certain HCF Life Insurance policies was liable to mislead the public.

ASIC releases new regulatory guidance to support buy now pay later industry reforms

ASIC has published a new regulatory guide to help buy now pay later providers understand their obligations, ahead of new laws coming into effect on 10 June 2025.

ASIC acts against Macquarie Bank for repeated compliance failures

ASIC has imposed additional conditions on Macquarie Bank Limited’s (Macquarie) Australian financial services licence after multiple and significant compliance failures – some going undetected for many years and one for a decade.

ASIC cancels licence of Brite Advisors Pty Ltd

ASIC has cancelled the Australian financial services licence (AFS) licence of Brite Advisors Pty Ltd (Brite Advisors) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR).

ASIC permanently bans former financial adviser Neville Allan Kendrick

ASIC has made an order to permanently ban former Western Australia based financial adviser, Neville Allan Kendrick.

ASIC disqualifies NSW hospitality director for maximum 5 years

ASIC has disqualified Mohamed Chabib, of Picnic Point, New South Wales, from managing corporations for a period of 5 years, after his involvement in four failed companies.

ASIC cancels licence of Viridian Equity Group Pty Ltd

ASIC has cancelled the Australian financial services licence of Viridian Equity Group Pty Ltd following a payment of compensation by the Compensation Scheme of Last Resort.

Financial services provider penalised $11 million over “cookie-cutter” advice and conflicted bonus payments

DOD Bookkeeping Pty Ltd (in liquidation), previously Equiti Financial Services Pty Ltd (Equiti FS), has been penalised $11,030,000 after the Federal Court found it breached conflicted remuneration rules and its advisers provided inappropriate “cookie cutter” advice.

Full Federal Court finds Block Earner did not engage in unlicensed conduct

The Full Federal Court has allowed an appeal by digital asset service provider Block Earner, finding that Block Earner did not need a financial services licence to offer its digital asset-related Earner product.

ASIC fines Chapter Two Holdings for misrepresenting debt management outcomes offered to consumers

ASIC has issued two infringement notices totalling $37,560 to debt management company Chapter Two Holdings Pty Ltd for alleged misleading statements made on its website.

Federal Court finds Green County and Max Funding engaged in unlicensed lending practices

The Federal Court has found that business lender Green County Pty Ltd and business loan introducer Max Funding Pty Ltd engaged in unlicensed credit activity in relation to loans provided by Green County to two consumers.

ASIC suspends AFS licence following change of ownership

ASIC has suspended Australian financial services (AFS) licence number 239 946, held by Beacon Wealth Pty Ltd, until 7 April 2026.

ASIC sues WA gold mining company Wiluna Mining Corporation for continuous disclosure and directors’ duties breaches

ASIC has commenced civil penalty proceedings in the Federal Court against Wiluna Mining Corporation, its former chair Milan Jerkovic and former chief commercial officer James Malone.

ASIC sues Hollard Insurance alleging serious claim handling failures

An insurance claim that Hollard Insurance took nearly three and a half years to resolve is at the centre of a new Federal Court proceeding brought by ASIC.

Former Gold Coast property developer Michael Steele pleads guilty to fraud

Former Gold Coast property developer Michael Steele has pleaded guilty to four rolled-up counts of fraud having misappropriated over $1.3 million of investor funds from companies he controlled contrary to section 408C(1)(a)(i) of the Criminal Code (Qld).

Court orders Falcon Capital and the First Guardian Master Fund to be wound up

The Federal Court has appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators (Liquidators) of Falcon Capital Limited (Falcon) and ordered the Liquidators to wind up Falcon, the First Guardian Master Fund (First Guardian) and related unregistered subsidiary funds.

ASIC consults on plan to increase visibility of firms’ breach and complaints data

As part of its commitment to enhance transparency and accountability, ASIC is consulting on plans to publish two dashboards containing firm-level Reportable Situations (RS) and Internal Dispute Resolution (IDR) data in the second half of 2025.

Advice licensees pay penalty for authorising advisers who gave advice while unregistered

In February 2025, ASIC issued infringement notices to three AFS licensees whose financial advisers provided personal advice while unregistered.

ASIC warns of threat from “hydra-like” scammers after obtaining court orders to shut down 95 companies

ASIC is warning consumers to remain vigilant when engaging with online investment websites and mobile applications after successfully applying to wind-up 95 companies, many of which ASIC believes may be associated with online investment and romance baiting scams, also known as ‘pig butchering’ scams.

ASIC issues sustainability reporting regulatory guide

ASIC has today published a regulatory guide on sustainability reporting following an extensive public consultation with stakeholders.

RBA and ASIC act on deep concerns with ASX

The Reserve Bank of Australia (RBA) and the Australian Securities and Investments Commission (ASIC) (the regulators) have taken further steps to address their increasing concern over the management of operational risk at ASX, following the CHESS batch settlement failure incident that occurred on 20 December 2024.

Super industry hit with long list of actions in landmark death benefit claims handling report

ASIC has handed down 34 recommendations to superannuation trustees, with its report into death benefit claims handling revealing the devastating impacts that poor industry practices can have on grieving Australians.

ASIC bans Queensland adviser from being involved in financial services for five years

ASIC has banned Queensland based financial adviser Grant Richard Thomson from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business (with some limited permissions described below).

Mansa Group director pleads guilty to criminal charges

Mr Krishnakumar Sitaram Agrawal, the current and former director of 27 companies which are collectively known as the Mansa Group, has pleaded guilty in the Sydney Downing Centre Local Court to criminal charges following an ASIC investigation.

Full Federal Court finds in favour of ASIC in two appeals concerning Sunshine Loans

Charges discontinued against David Burke

On 20 March 2025, the Commonwealth Director of Public Prosecutions (CDPP) discontinued charges laid against David Justin Burke, of Natural Bridge, Queensland.

Charges discontinued against former director of G8 Education Limited

On 20 March 2025, the Commonwealth Director of Public Prosecutions (CDPP) discontinued charges laid against Jennifer Joan Hutson, a former director of G8 Education Limited.

Federal Court freezes assets of Rashid Alshakshir in connection with ASIC’s investigations into Shield and First Guardian

Following an application made by ASIC, the Federal Court has made orders freezing assets of Rashid Alshakshir, director of Lion & Horn Pty Ltd (in liquidation), Nohap Pty Ltd (in liquidation) and Indigo Group Pty Ltd (in liquidation).

Active Super ordered to pay $10.5 million penalty in ASIC’s third greenwashing court action

The Federal Court today imposed a penalty of $10.5 million against Active Super for greenwashing misconduct.

Update for investors in the First Guardian Master Fund

ASIC has applied to the Federal Court for the appointment of liquidators to Falcon Capital Limited (Falcon), the responsible entity for the First Guardian Master Fund (First Guardian), and for orders directing the liquidators to wind up First Guardian.

ASIC announces action against 17 SMSF auditors

During the second half of 2024, ASIC took action against the registration of 17 approved self-managed superannuation fund (SMSF) auditors.

Victorian man charged over alleged market manipulation

Behzad Eghrari, of Vermont South, Victoria, has been charged with three offences of creating a false or misleading appearance of active trading following an ASIC investigation.

Disqualified company director convicted of dishonestly using his position

Former CEO and director of FAL Healthy Beverages Pty Ltd (FAL HB), Tim Xenos, also known as Efthymios Xenos, of Peakhurst, NSW, has been found guilty of making business decisions while disqualified from managing a corporation, using his position dishonestly with the intention of gaining an advantage for himself, and failing to fully and truly disclose information to his bankruptcy trustee.

Former financial adviser Peter Surtenich permanently banned

On 6 March 2025, ASIC made orders permanently banning Sydney-based financial adviser Peter Surtenich from: providing any financial services, performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity), and controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business.

ASIC warns that payday lenders may be breaching consumer protection laws

An ASIC review reveals that some lenders who provide small amount credit contracts may be attempting to move vulnerable consumers into contracts with fewer protections.

ASIC sues FIIG Securities for systemic and prolonged cybersecurity failures

FIIG Securities Limited (FIIG) allegedly failed to have adequate cybersecurity measures for more than four years, according to documents filed by ASIC in the Federal Court.

ASIC sues AustralianSuper alleging significant death benefit claims failures

ASIC is suing AustralianSuper Pty Ltd, the trustee of Australia’s largest superannuation fund, over delayed processing of nearly 7,000 death benefit claims, according to proceedings filed in the Federal Court.

ASIC bans former financial adviser Harris John Kohu Shortland for a period of seven years

ASIC has made an order banning Northern Territory based financial adviser Harris Shortland following his conviction of supplying dangerous drugs, namely cocaine and receiving or possessing the proceeds of their sale.

Antonio Stella indicted on insider trading charges

Antonio Stella, of Donvale, Victoria, has been indicted on two counts of insider trading following an ASIC investigation. 

ASIC bans former Kingdom Developments Group director from being involved in financial services for six and a half years

ASIC has banned NSW-based property developer Mr Andrew Bodnar from providing financial services, controlling an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business for six and a half years.

ASIC charges Brendan Gunn for dealing with money reasonably suspected of being proceeds of crime

Brendan Gunn of Camp Hill, Queensland appeared in the Sydney Downing Centre Local Court yesterday charged with one offence against s.400.9.(1) to the Criminal Code alleging that between about 19 March 2020 and 15 May 2020 he dealt with money or other property, it being reasonable to suspect that the money or property was proceeds of crime of $100,000 or more.

Former Irexchange Limited Company Secretary and Legal Advisor, CEO and CFO charged after ASIC investigation

Three former Irexchange Limited (IRX) executives today appeared in the Downing Centre Local Court charged with breaches of the Corporations Act (the Act) following an ASIC investigation.

Allianz and AWP convicted and fined $16.8 million for making false or misleading statements

The Supreme Court of NSW today convicted and imposed criminal fines of $13.5 million against Allianz Australia Insurance Limited and $3.3 million against AWP Australia Pty Ltd for making false or misleading statements.

Federal Court freezes assets of First Guardian Master Fund and director David Anderson

ASIC has obtained interim orders freezing the assets of Falcon Capital Limited, the First Guardian Master Fund and David Anderson.

ASIC shuts down 130 investment scam websites per week

ASIC’s latest Enforcement and regulatory update shows 10,240 of the most common sites removed include 7,227 fake investment platform scams, 1,564 phishing scam hyperlinks and 1,257 cryptocurrency investment scams.

ASIC suspends AFS Licence of Vestiuum CSF Pty Ltd

ASIC has suspended the Australian financial services (AFS) licence of Vestiuum CSF Pty Ltd (Vestiuum) until 19 August 2025.

Federal Court freezes assets of Osama Saad, former director of Aus Super Compare and Atlas Marketing

Following an application made by ASIC, the Federal Court has made interim orders freezing certain assets of Osama Saad, former director of Aus Super Compare Pty Ltd (in liquidation) and Atlas Marketing Pty Ltd (in liquidation).

Federal Court freezes assets of Melbourne financial adviser, Ferras Merhi of Venture Egg and FSGA

Following an application made by ASIC, the Federal Court has made interim orders freezing certain assets of Melbourne-based financial adviser Ferras Merhi.

ASIC cancels Australian credit licences of Tracie Lee Hanson and William James Lawrence

ASIC has cancelled the Australian credit licences of Queensland-based credit licensees Tracie Lee Hanson and William James Lawrence.

Advancing Australia’s regulatory roadmap for public and private capital markets

ASIC has announced its preliminary views on the opportunities and risks emerging from shifts in public and private capital markets and called for feedback and debate on key questions as part of a discussion paper launched today.

ASIC bans JB Markets director from providing financial services for 8 years

ASIC has banned Mr Peter Aardoom of Brisbane from providing financial services, controlling an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business for 8 years.

ASIC makes new clearing and settlement rules to promote competition

ASIC has used new powers to promote competitive outcomes in clearing and settlement (CS) by requiring the ASX to provide its CS services on a transparent and fair basis, with a requirement to publish a comparison of fees against international providers.

Former Star executives Gregory Hawkins and Harry Theodore penalised for breaching duties

The Federal Court has penalised two former executives of The Star Entertainment Group Ltd (Star) after they admitted to breaches of their duties in proceedings brought by ASIC against them and nine other former Star officers and directors.

AustralianSuper fined $27 million after ASIC investigation into failing to merge multiple superannuation accounts

AustralianSuper, the trustee of Australia’s largest superannuation fund, will pay a $27 million penalty after the Federal Court today found that it failed to merge multiple member accounts.

Former Melbourne financial planner Bradley Grimm’s appeal dismissed

Former Melbourne financial planner Bradley Grimm was unsuccessful in the Victorian Court of Appeal in his attempt to have his dishonesty conviction and prison term overturned.

Two interim stop orders placed on Green Planet Recycling Solutions

ASIC has issued two interim stop orders on the public offer (Offer) of redeemable preference shares (Company Securities) by Green Planet Recycling Solutions Limited, an unlisted public company.

Financial Services and Credit Panel issues registration prohibition order against financial adviser

The Financial Services and Credit Panel (FSCP) has made a two-year registration prohibition order against financial adviser Glenn Paul Meilak from 10 February 2025.

ASIC cancels Australian credit licence of Auckland Finance Pty Ltd

ASIC has cancelled the Australian credit licence (ACL) of NSW based credit provider Auckland Finance Pty Ltd.

ASIC cancels AFS licence of LRA Corporate Pty Ltd

ASIC has cancelled the Australian financial services (AFS) licence of New South Wales-based financial services provider LRA Corporate Pty Ltd ACN 062 427 696 (LRA Corporate) effective from 3 February 2025.

NSW director charged with dishonestly using her position

Vickie Anne Vella of Ropes Crossing, NSW, today appeared at the Penrith Local Court charged with dishonestly using her position as a director to gain an advantage for herself.

ASIC successfully appeals Federal Court decision on voluntary disclosure regime

The Full Federal Court has upheld ASIC’s appeal in its case against Noumi’s former managing director and CEO Rory Macleod, finding that providing documents to ASIC pursuant to a Voluntary Disclosure Agreement does not necessarily waive any valid legal professional privilege (LPP) claim.

ASIC permanently bans former financial adviser Lachlan John King

ASIC has made two orders permanently banning Queensland based financial adviser Lachlan John King following his conviction of fraud.

Update on charges against former directors of Capital Mining Limited

On 25 February 2022, Peter James Dykes and Peter Alan Torney, former directors of previously ASX-listed Capital Mining Limited, appeared in the Perth Magistrates Court, each charged with dishonestly using their position as directors.

NSW director charged with dishonestly obtaining financial advantage by deception

Mark Barnes of Sutherland, NSW, appeared at the Downing Centre Local Court on 4 February 2025 charged with two offences of dishonestly obtaining a financial advantage by deception and one offence of attempting to dishonestly obtain a financial advantage by deception.

Anthony Paul Torre pleads guilty to fraud and stealing

Former financial advisor, Anthony Paul Torre, has pleaded guilty to three counts of stealing and two counts of fraud resulting in the misappropriation of $1,030,000 of client funds.

ASIC acts to protect small business - Q2 FY25 update

Small businesses employ approximately half of the private sector workforce and contribute more than $500 billion to the Australian economy each year. They are essential for Australia’s prosperity. 

ASIC permanently bans former financial adviser David Eduardo Cubilla

ASIC has made two orders permanently banning Calamvale based financial adviser David Eduardo Cubilla following his conviction of fraud.

Firstmac ordered to pay $8 million in penalties for failing to comply with its design and distribution obligations

The Federal Court has ordered Firstmac Limited to pay $8 million in penalties for failing to meet its design and distribution obligations (DDO).

ASIC’s Moneysmart encourages Australians to stick to their financial goals in 2025

Getting on top of your finances is one of the most common new year’s resolutions set by Australians with more than half (52%) setting a financial goal for 2025, according to new research from ASIC’s Moneysmart.

ASIC appoints Scott Gregson as CEO

ASIC has appointed Scott Gregson as Chief Executive Officer.

Perth property developer disqualified from managing corporations for four years

ASIC has disqualified Allen Bruce Caratti, of Perth, Western Australia, from managing corporations for a period of 4 years, after his involvement in three failed companies.

Sanlam admits to inadequate oversight of authorised representatives

The Australian arm of South African financial services conglomerate Sanlam Group will need to have its compliance processes reviewed by an independent expert after it admitted to breaching its licensee obligations and provided a court enforceable undertaking (CEU) to ASIC.

Perth accountant charged over alleged insider trading in Genesis Minerals shares

Last Friday, 20 December 2024, Vittorio Letizia, of Cottesloe, Perth appeared at Perth Magistrates’ Court charged with five counts of insider trading in connection with purchases made in Genesis Minerals Limited shares in September 2021. 

Third person sentenced for Courtenay House misconduct

David Sipina of Prairiewood NSW, a former contractor and promoter of Courtenay House investments, has been sentenced to three years’ imprisonment, to be served by way of an intensive correction order, for his role in the unlicensed Courtenay House financial services business.

Federal Court finds CFD issuers engaged in systemic unconscionable conduct with customer losses totalling over $83 million

The Federal Court today found that collapsed contracts for difference (CFD) issuer, Union Standard International Group Pty Ltd (USG) and two of its former corporate authorised representatives, BrightAU Capital Pty Ltd (trading as TradeFred) and Maxi EFX Global AU Pty Ltd (trading as EuropeFX), engaged in systemic unconscionable conduct as well as a raft of other contraventions of the law between 2018 and 2020.

ASIC suspends AFS Licence of Equitise Pty Ltd

ASIC has suspended the Australian financial services (AFS) licence of Equtise Pty Ltd (Equitise) until 10 February 2025.

ASIC takes action against Swoosh alleging responsible lending failures and DDO breaches

Ausfinancial Pty Ltd, trading as Swoosh Finance (Swoosh), allegedly breached its responsible lending obligations when providing credit contracts to 11 consumers, according to civil penalty proceedings filed by ASIC in the Federal Court.

ASIC successfully defends Receivers’ application for indemnity

ASIC obtained orders on 21 October 2021, appointing receivers to, and an injunction against, A One Multi Services Pty Ltd (AOMS) which was suspected to be engaging in unlawful activity.

ASIC sues crypto company Binance Australia Derivatives for consumer protection failures

More than 500 retail clients of Oztures Trading Pty Ltd, trading as Binance Australia Derivatives (Binance), were denied important consumer protections after being misclassified as wholesale clients, ASIC alleges in documents filed in the Federal Court.

Former Victorian director sentenced for making false statements to ASIC

Benjamin Thomas Molloy of Point Cook, Victoria has been convicted of making false statements to ASIC, contrary to sections 1308(1) and 1308(2) of the Corporations Act 2001 (Cth).

Former registered liquidator Peter Amos sentenced to prison for dishonest use of position as external administrator

Former registered liquidator and external administrator Peter Andrew Amos was sentenced on 13 December 2024 in the District Court of NSW to four years imprisonment after pleading guilty to charges of dishonestly using his position with the intention of gaining an advantage for his business and himself contrary to s 184(2)(a) of the Corporations Act 2001 (Cth).

ASIC sues HSBC Australia alleging failures to adequately protect customers from scams

HSBC Bank Australia Limited (HSBC Australia) failed to adequately protect customers scammed out of millions of dollars, according to documents filed by ASIC in the Federal Court today.

ASIC cancels AFS licence of Macgill Financial Services Pty Ltd

ASIC has cancelled the Australian financial services licence held by Macgill Financial Services Pty Ltd ACN 096 357 630 (Macgill Financial Services) on 29 November 2024, after finding it has ceased to carry on a financial services business.

ASIC cancels AFS licence of Patrick Joseph O’Neill

ASIC has cancelled the Australian financial services licence held by Patrick Joseph O’Neill on 9 November 2024, due to Mr O’Neill’s failure to comply with licence obligations.

Lead auditor of Greensill Group suspended by Companies Auditors Disciplinary Board until June 2026

Registered company auditor Joseph John Santangelo will not be able to audit companies until June 2026 after the Companies Auditors Disciplinary Board (CADB) found that he failed to carry out or perform adequately and properly the duties of an auditor in conducting the group audits of the financial statements of the entity comprising Greensill Capital Pty Ltd and its subsidiaries (the Greensill Group).

Ex-Vocus chair Vaughan Bowen found not guilty of insider trading

Former Vocus Group Limited chair Vaughan Bowen has been acquitted of insider trading charges following a nearly five-week trial in the Melbourne County Court.

ASIC highlights focus areas for 31 December 2024 financial reports

ASIC is urging directors, preparers of financial reports and auditors to be aware of the enduring and ongoing focus areas in its proactive surveillance of financial reports for the year ending 31 December 2024.

Kraken crypto exchange operator to pay $8 million following ASIC enforcement action

Legal proceedings launched by ASIC have seen the Australian operator of the Kraken crypto exchange ordered to pay $8 million for unlawfully issuing a credit facility to more than 1100 Australian customers.

Former Director and CEO of Bananacoast Credit Union sentenced for dishonest conduct

Former Director and CEO of Bananacoast Community Credit Union Limited (BCU), Lyndon Allen Kingston, has been sentenced to 18 months' imprisonment after being found guilty of four dishonesty offences.

ASIC’s Moneysmart reveals how Aussies plan to spend this Christmas

Consumers are being urged to avoid a post-Christmas spending hangover as new research from ASIC’s Moneysmart reveals Aussies will spend on average almost $800 each to fund gifts, holidays and celebrations.

ASIC sues Rex and four directors for serious governance failures

ASIC has commenced legal proceedings in the Supreme Court of NSW seeking leave to allege Regional Express Holdings Limited (administrators appointed) (Rex) engaged in misleading and deceptive conduct and contraventions of continuous disclosure obligations.

ASIC accepts court enforceable undertaking from Northern Territory pawnbroker for unlicensed credit

ASIC has accepted a Court Enforceable Undertaking (CEU) from Northern Territory-based pawnbroking business Lend NT Pty Ltd and its sole director Laddawan Te Maro after investigating concerns Lend NT was engaging in unlicensed credit.

ASIC bans South Australian adviser from being involved in financial services for seven years

ASIC has banned SA based former financial adviser Bruce Stuart Davis from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business.

ASIC puts insurers on notice for blind spots in complaints handling

Insurers are failing to identify one in six customer complaints, effectively denying those Australians critical protections available through the Internal Dispute Resolution (IDR) regime, an ASIC review has found. 

ASIC suspends Edisons Global’s AFS licence following repeated compliance failures

ASIC has suspended the Australian financial services (AFS) licence of fund manager Edisons Global Pty Ltd (Edisons) for six months, from 31 October 2024 to 30 May 2025. 

ASIC invites feedback on proposed updates to digital asset guidance

ASIC today released a consultation paper Updates to INFO 225: Digital Assets: Financial Products and Services (CP 381) outlining proposals to update Information Sheet 225 Crypto Assets (INFO 225).

Update for investors in the Shield Master Fund

ASIC notes the outcome of the second creditors’ meeting of Keystone Asset Management Ltd (Receivers and Managers Appointed) (Administrators Appointed) (KAM) yesterday at which creditors resolved to wind up KAM and appoint Jason Tracy and Glen Kanevsky of Deloitte as joint and several liquidators.

ASIC flags key observations from inaugural IDR data publication

ASIC has released Report 801 (REP 801), its first publication of industry-wide data reported under the internal dispute resolution (IDR) data reporting framework.

ASIC orders stop to Centrepay credit arrangements offered by Northern Territory business

ASIC has made a final stop order preventing Indy-C-Fashion Accessories Pty Ltd (Indy-C) from offering Centrepay credit arrangements to consumers in its store in Katherine.

ASIC cancels licence of RPD Group Advice Pty Ltd

ASIC has cancelled the Australian financial services (AFS) licence of RPD Group Advice Pty Ltd (RPD Group) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR).

ASIC action results in $1.25 million penalty against Sasha Hopkins for unlicensed conduct

The Federal Court has ordered Sasha Hopkins to pay $1.25 million and be disqualified for four years, in proceedings brought by ASIC.

Director of Sydney gym charged with authorising the making of false statements to ASIC

Jye Dilin Menzies-Clifton of Minchinbury, NSW, today appeared at the Mt Druitt Local Court charged with two counts of authorising the making of a false statement in a document lodged with ASIC contrary to section 1308(1) of the Corporations Act 2001 (Cth).

ASIC disqualifies security industry director for five years

ASIC has disqualified director Mary Asha Makeny of Liverpool, NSW, from managing corporations for five years following her involvement in the failure of three companies in the security industry.

Financial Services and Credit Panel issues registration suspension order

The Financial Services and Credit Panel (FSCP) has made an order to suspend the registration of financial adviser Ian Reid for three months from 21 November 2024. Mr Reid’s financial adviser registration is not in force during the suspension period and he must not provide personal advice to retail clients in relation to relevant financial products.

Former public company director Harry Hatch sentenced for failing to disclose interests and providing false information to the ASX

Former public company director, Harry Hatch (Hatgikyriazis), of North Melbourne, Victoria, has been convicted and sentenced for failing to disclose the total number of Copper Strike Limited shares he held, contrary to the Corporations Act 2001.

ASIC cancels licence of DOD Bookkeeping Pty Ltd

ASIC has cancelled the Australian financial services licence (AFS licence) of DOD Bookkeeping Pty Ltd (in liquidation) (DOD) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR).

Kristofer Ridgway charged with dishonest conduct

Former Brisbane-based financial adviser Kristofer Ridgway has been charged with 26 counts of dishonest conduct in relation to the provision of financial services, contrary to sections 1041G and 1311(1) of the Corporations Act 2001 (Cth).

ASIC sues NAB for failing customers facing financial hardship

National Australia Bank (NAB) failed 345 of its customers at their most vulnerable when they applied for hardship support from the bank, according to documents filed by ASIC in the Federal Court today.

Former Director and CEO of Credit Union, Lyndon Kingston, found guilty of dishonest conduct

Former Director and CEO of Bananacoast Community Credit Union Limited (BCU), Lyndon Allen Kingston, has been found guilty of dishonest conduct.

ASIC announces new enforcement priorities with a focus on cost of living pressures

ASIC today announced its enforcement priorities for 2025, capturing the key areas where it will direct resources and expertise in the coming year.

ASIC sues Cbus alleging systemic claims handling failures

More than 10,000 members and claimants of the Construction and Building Unions Superannuation Fund (Cbus) were impacted by death benefits and total and permanent disability (TPD) insurance claims taking more than 90 days to be processed, according to allegations contained in documents lodged by ASIC in the Federal Court today.

Small foreign controlled company pays $187,800 penalty for failing to lodge financial reports

Optix Australasia Pty Ltd, has paid $187,800 to comply with an infringement notice issued by ASIC.

Former investment manager Brett Trevillian sentenced to 3 years imprisonment for forging reports for investors

Metal Alpha Pty Ltd director Brett Paul Trevillian has been sentenced to three years imprisonment for forging reports about the performance of his trading strategy ‘The Gold Method’, when he was the investment manager of AlphaThorn Pty Ltd.

Former CEO of AI marketing company Metigy charged with misleading investors and dishonestly using his position

David Fairfull has appeared in the Downing Centre Local Court to answer charges following an ASIC investigation alleging he provided false statements to investors and used his position as a director to gain an advantage for himself. 

ASIC seeks feedback on proposed guidance on sustainability reporting regime

ASIC has today released a draft regulatory guide on the sustainability reporting regime for consultation with stakeholders. From 1 January 2025, many large Australian businesses and financial institutions will need to prepare annual statutory sustainability reports containing climate-related financial disclosures.

ASIC's proceedings against Dixon Advisory director Paul Ryan dismissed

The Federal Court has dismissed ASIC's case against Paul Ryan, director of Dixon Advisory & Superannuation Services Pty Limited, for alleged breaches of directors’ duties.

Federal Court appoints receivers to ALAMMC Developments

On 1 November 2024, the Federal Court made orders appointing Helen Newman and Andrew Fielding of BDO as receivers of the property of ALAMMC Developments Pty Ltd and 12 related corporate entities.   

ASIC takes action to wind up 95 companies

ASIC has applied to the Federal Court to wind up 95 companies.

ASIC sues Oak Capital alleging unconscionable conduct designed to avoid the National Credit Code

ASIC has commenced proceedings against Oak Capital (Oak Capital Mortgage Fund Ltd and Oak Capital Wholesale Fund Pty Ltd) for allegedly engaging in unconscionable conduct to avoid the National Credit Code. 

ASIC disqualifies NSW director for five years

ASIC has disqualified Constandinos Ganatzos, of Brighton-Le-Sands, NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of 21 companies.

ASIC suspends three high volume SMSF auditors connected to a SMSF administration provider

ASIC has suspended the registration of three self-managed superannuation fund (SMSF) auditors for one year.

ASIC releases FY 2023–24 financial reporting and audit report and launches auditor independence surveillance

ASIC has today released findings from its financial reporting and audit surveillance for the 12 months to 30 June 2024, and announced a proactive surveillance focused on auditors’ compliance with independence and conflicts of interest requirements.

ASIC Annual Forum program announced, limited registrations remain

ASIC has released the full program for the ASIC Annual Forum and dinner to be held on 14–15 November 2024 in Sydney.

ASIC warns governance gap could emerge in first report on AI adoption by licensees

ASIC is urging financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of artificial intelligence (AI).

Federal Court finds HCF Life contract term was liable to mislead the public

The Federal Court has found that a ‘pre-existing condition’ term in certain HCF Life Insurance Company Pty Ltd (HCF Life) policies was liable to mislead the public.

Federal Court appoints receivers to director of ALAMMC Developments

On 22 October 2024, the Federal Court made orders appointing Helen Newman and Andrew Fielding of BDO as receivers and managers of the property of David McWilliams and his wife Laura Fullarton.

ASIC cancels AFS licence of Next Generation Advice (in liquidation)

On 18 October 2024, ASIC cancelled the Australian financial services (AFS) licence of Next Generation Advice Pty Ltd (in Liquidation) (Next Gen).

ASIC alleges QBE misled customers over pricing discounts

ASIC has commenced court proceedings alleging QBE Insurance (Australia) Limited (QBE) misled customers about the value of discounts offered on certain general insurance products.

ASIC cancels the Australian financial services and credit licences of Ultiqa Lifestyle Promotions Limited

ASIC has cancelled the Australian financial services (AFS) licence and Australian credit licence (credit licence) of Ultiqa Lifestyle Promotions Limited (in liquidation) (Ultiqa) following payment of compensation by the Compensation Scheme of Last Resort (CSLR).

ASIC annual report underscores transformation

ASIC’s program of transformation continued in 2023–24, according to the agency’s latest annual report.

Ex CEO of crypto exchange Mine Digital charged with fraud

On 21 October 2024, the ex-CEO of ACCE Australia Pty Ltd (ACCE), Grant Colthup, appeared in the Magistrates Court at Ipswich charged with one count of fraud contrary to section 408C of the Criminal Code 1899 (QLD) following an ASIC investigation in connection with a $2.2 million cryptocurrency transaction in July 2022.

ASIC cancels Australian credit licence of Emmanuel Katsoulis and suspends Australian credit licence of Peter Wormington

ASIC acts to protect small business - Q1 FY25 update

ASIC is committed to protecting the interests of small business and acting against directors who fail to properly manage their companies and assist liquidators after a company collapse.

Court rules Harvey Norman and Latitude advertising misled consumers

The Federal Court today ruled Latitude Finance Australia and Harvey Norman Holdings Ltd engaged in misleading conduct and made false or misleading representations in relation to a widespread advertising campaign for a 60-month interest free and no deposit payment method.

ASIC action results in penalty and disqualification against former Noumi CFO and Company Secretary

The Federal Court has ordered Campbell Nicholas, former Chief Financial Officer and Company Secretary of Noumi Limited, to pay a $100,000 penalty and be disqualified from managing corporations for four years.

Appointments to the ASIC Executive Leadership team

The Australian Securities and Investments Commission’s program of transformation work has continued with key appointments to its senior executive leadership team. 

ASIC cancels two Australian financial services licences and 11 Australian credit licences

ASIC has cancelled two Australian financial services licences (AFS licence) and 12 Australian credit licences (collectively, the Licensees).

ASIC bans financial adviser John Hazell for two years

ASIC has banned financial adviser John Hazell from providing financial services for a period of two years.

ASIC cancels licence of Ferratum Australia Pty Ltd

ASIC has cancelled the Australian credit licence (credit licence) of Ferratum Australia Pty Ltd (in liquidation) (Ferratum) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR).

Charges against former Macquarie adviser dismissed

Charges laid against former Macquarie financial adviser Warren Scott Acworth have been dismissed.

Federal Court appoints liquidators to Global Capital Property Fund

The Federal Court has made orders for property investment company Global Capital Property Fund Limited (GCPF) to be wound up on just and equitable grounds, appointing Ross Blakeley and Kelly-Anne Trenfield of FTI Consulting as liquidators.

Supreme Court orders ISG Financial to wind up its registered managed investment schemes

On 30 September 2024, the Queensland Supreme Court directed that receivers be appointed to A.C.N. 114 733 569 Limited (formerly ISG Financial Services Limited) (ISG), the responsible entity for the ISG Private Access Fund and the ISG Real Estate Equity Fund (together, Schemes), to wind up the Schemes in accordance with their constitutions.

Full Federal Court dismisses ANZ appeal against ASIC case

The Full Federal Court has today dismissed an appeal by Australia and New Zealand Banking Group Limited (ANZ) against a judgment that it breached continuous disclosure laws when undertaking a $2.5 billion institutional share placement in 2015.

ASIC cancels AFS licence of Prospero Markets

ASIC has cancelled the Australian financial services (AFS) licence of over-the-counter (OTC) derivatives issuer, Prospero Markets Pty Ltd (in liquidation) (Prospero) effective from 25 September 2024.

Dural accountant charged with making false statements to ASIC

Wayne Thomas Fraser, an accountant and tax agent from Dural NSW and director of Maxum Enterprises Pty Ltd, has been charged for allegedly making or authorising the filing of false or misleading documents with ASIC.

ASIC issues DDO stop order against Northern Territory business over concerns of financial harm to First Nations consumers

ASIC has made an interim stop order preventing Indy-C-Fashion Accessories Pty Ltd (Indy-C) from having consumers at its retail store in Katherine enter credit arrangements to pay for goods on credit through Centrepay deductions.

ASIC announces action against 13 SMSF auditors

During the first half of 2024, ASIC took action against the registration of 13 approved self-managed superannuation fund (SMSF) auditors.

ASIC disqualifies NSW director for five years following the failure of six companies

ASIC has disqualified Graeme John Doble, of Gymea Bay, NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of six companies.

ASIC's Vanguard greenwashing action results in record $12.9 million penalty

The Federal Court today ordered Vanguard Investments Australia to pay a $12.9 million penalty for making misleading claims about environmental, social and governance (ESG) exclusionary screens.

Former Linchpin Capital director appeal dismissed by Full Federal Court

The Full Federal Court has dismissed an appeal by Peter Daly, a former director of Linchpin Capital Group Ltd (in liquidation).

Macquarie Bank fined a record $4.995m for serious market gatekeeper failure

Following an ASIC investigation, the Markets Disciplinary Panel (MDP) has fined Macquarie Bank Limited (Macquarie) a record $4.995 million for failing to prevent suspicious orders being placed on the electricity futures market. This is the highest penalty ever imposed by the MDP.

ASIC cancels licences of Ultimate Credit Management Pty Ltd and Worry Free Finance Pty Ltd

ASIC has cancelled the Australian credit licences of Ultimate Credit Management Pty Ltd (in liquidation) (Ultimate Credit) and Worry Free Finance Pty Ltd (Worry Free) following payments of compensation by the Compensation Scheme of Last Resort (CSLR).

ASIC sues south-west Sydney car dealership for alleged unlicensed lending

ASIC has commenced proceedings in the Federal Court against Diamond Wheels, Keo Automotive and a former director for allegedly providing unlicensed car loans to consumers, many of whom paid an excessive interest rate.

ASIC receives new powers under financial market infrastructure reforms

ASIC welcomes the new Australian financial market infrastructure (FMI) laws, which introduce new powers essential to ensuring a stable and efficient Australian financial system.

ASIC obtains urgent court orders against director and companies providing investment opportunities in NDIS-compatible property developments

ASIC has begun urgent civil proceedings against company director David McWilliams and several of his companies that offered investment opportunities for purpose-built, NDIS-compatible property development schemes across Australia.

ASIC’s proceedings against Rest alleging misleading member representations are dismissed

The Federal Court has dismissed ASIC’s case against superannuation trustee, Retail Employees Superannuation Pty Ltd (Rest), for allegedly making misleading representations about limitations on members’ rights to transfer superannuation funds out of the Retail Employees Superannuation Trust between March 2015 and May 2018.

ASIC urges businesses to prepare for mandatory climate reporting

From 1 January 2025, many large Australian businesses and financial institutions will need to prepare annual sustainability reports containing mandatory climate-related financial disclosures, following the passage of the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Cth) through Parliament.

Former Berndale director pleads guilty to dishonest conduct and misuse of company funds

Former Berndale director Daniel Kirby appeared before the Melbourne Magistrates’ Court on 16 September 2024 to plead guilty to dishonest conduct and misuse of company funds.

Former financial services director Mark McCabe pleads guilty to three counts of fraud

Mark Francis McCabe, of Roseville, NSW, has pleaded guilty in the Downing Centre District Court at Sydney to three offences of dishonestly obtaining a financial advantage by deception contrary to s192E(1)(b) of the Crimes Act 1900 (NSW) (Crimes Act), with a further four offences to be taken into account on sentencing.

Two interim stop orders placed on Candy Club

ASIC has issued two interim stop orders on Candy Club Holdings Limited (Candy Club).

ASIC suspends AFS Licence of Olritz Financial Group Pty Ltd

ASIC has suspended the Australian financial services (AFS) licence of Olritz Financial Group Pty Ltd (Olritz) until 5 March 2025.

ASIC calls on product issuers to review distribution practices for DDO compliance

ASIC is calling on product issuers to ensure distribution practices are up to scratch, pointing to flawed consumer questionnaires being the catalyst for some recent interim stop orders.

ASIC to target misconduct in banking and superannuation sectors

ASIC today released its Enforcement and regulatory update (1 January to 30 June 2024), which sets out recent outcomes in enforcement and regulation.

Former director of Reiwa-Capital sentenced after brazenly using $440,000 of investor funds

The former director of Reiwa-Capital, Russell Sandiford, has been sentenced in the District Court of New South Wales to two years and 8 months’ imprisonment, to be served by way of an Intensive Correction Order (ICO), relating to his dishonest use of investor funds.

Court appoints receivers and new voluntary administrators to Keystone Asset Management

On 27 August 2024, the Federal Court made orders appointing Jason Tracy and Lucica Palaghia of Deloitte as receivers and managers of the property of Keystone Asset Management Ltd (Keystone), the responsible entity for the Shield Master Fund (Shield).

Former Melbourne financial planner Bradley Grimm sentenced to jail for dishonest conduct

Former Melbourne financial planner Bradley Grimm has been convicted by the County Court of Victoria of three counts of engaging in dishonest conduct while running a financial services business.

ASIC wins against Rent4Keeps for overcharging vulnerable consumers on essential household goods

The Federal Court today found the business model used by Rent4Keeps to sell everyday goods, such as furniture, electronics and whitegoods breached the Credit Act.

ASIC cancels AFS licence of retail OTC derivative issuer FXOpen AU

ASIC has cancelled the Australian financial services (AFS) licence of contracts for difference (CFDs) and foreign exchange contracts issuer, FXOpen AU Pty Ltd (FXOpen AU), after an investigation identified serious concerns about the inadequacy of its human resources to provide financial services and to carry out supervisory arrangements.

Former Courtenay House director sentenced to 11 years imprisonment

Former Courtenay House director Tony Iervasi has been sentenced in the Supreme Court of NSW to 11 years imprisonment with a non-parole period of seven years for criminal charges relating to the operation of the Courtenay House ponzi scheme.

ASIC’s Moneysmart calls on super funds to better engage millennials following findings from industry roundtable

ASIC’s Moneysmart convened a roundtable of leading influential voices for millennials and their finances that is sounding the alarm for superannuation funds to lift their game and increase services, transparency, and improved access to information to better engage millennial members.

ASIC prosecutes 78 individuals for failing to assist registered liquidators

ASIC has prosecuted 78 individuals for failing to assist registered liquidators over the six months from 1 January to 30 June 2024.

CLSA pays penalty for providing incorrect regulatory data

CLSA Australia Pty Limited has paid a penalty of $144,300 to comply with an infringement notice given by the Markets Disciplinary Panel (MDP) for failing to provide correct regulatory data to the relevant Market Operator.

AFS licensee to cease providing independent expert reports on corporate transactions

ASIC has accepted a voluntary variation of the Australian financial services (AFS) licence of AP Lloyds Pty Ltd, excluding the firm and its corporate authorised representative, Advisory Partner Connect Pty Ltd, from providing advice as an independent expert.

Former Brisbane financial adviser Ben Jayaweera sentenced to 12 years imprisonment for fraud at retrial

Ben Jayaweera, a former financial adviser and director of Growth Plus Financial Group Pty Ltd (in Liquidation), has been sentenced to 12 years’ imprisonment following a hearing in the Brisbane District Court on 26 August 2024.

Former Brisbane financial adviser Ben Jayaweera found guilty of fraud following a retrial in the Brisbane District Court

On Friday 23 August 2024, Ben Jayaweera, a former financial advisor and director of Growth Plus Financial Group Pty Ltd (in Liquidation) was found guilty of 28 counts of fraud pursuant to section 408C(1)(e) Criminal Code Act 1899 (Qld).

ASIC wins case against Kraken crypto exchange operator for design and distribution failure

The Federal Court today ruled Bit Trade Pty Ltd, the operator of the Kraken crypto exchange in Australia, failed to comply with design and distribution obligations when offering a margin trading product to Australian customers.

ASIC continues action on misleading claims to deter greenwashing misconduct

ASIC has made 47 regulatory interventions to address greenwashing misconduct during the 15-month period up to 30 June 2024, including the commencement of two Federal Court proceedings and over $123,000 in infringement notice payments.

ASIC expands strategic priorities for coming 12 months

ASIC expands its strategic priorities in its Corporate Plan for 12 for 2024-25. Australia’s public and private markets and emerging financial products will form a new pillar of ASIC’s expanded strategic priorities.

Former BBY employee sentenced for aiding and abetting

Yat Nam (April) Yuen, who held various roles at collapsed stockbroking firm BBY Limited (BBY) including Manager (Strategy), has been sentenced for aiding and abetting BBY to engage in dishonest conduct.

Anti-scam practices of banks outside the four major banks

ASIC today released a report into the anti-scam practices of 15 banks outside the four major banks.

ASIC cancels licence of Libertas Financial Planning

ASIC has cancelled the Australian financial services licence (AFSL) of former national financial advisory business Libertas Financial Planning Pty Ltd (in liquidation).

Online investment trading scams top ASIC’s website takedown action

As it marks the first-year anniversary of investment scam disruption, ASIC announced today the takedown of more than 7,300 phishing and investment scam websites that seek to swindle consumers out of their information. 

Sydney labour hire services director disqualified for five years

ASIC has disqualified Gregory Romano Lavopa, of Beverley Hills NSW, from managing corporations for the maximum period of 5 years, after his involvement in three failed companies.

ASIC disqualifies VIC director for maximum five years

ASIC has disqualified Richard Andrew Sparreboom of Chirnside Park, Victoria, from managing corporations for the maximum period of five years due to serious misconduct.

ASIC sues ASX for alleged misleading statements

ASIC has commenced proceedings in the Federal Court against Australia’s largest market operator, ASX Limited, for allegedly making misleading statements related to its Clearing House Electronic Subregister System (CHESS) replacement project.

Stop order revoked after ASIC intervention on Rhinomed Limited Prospectus

ASIC recently placed an interim stop order on an entitlement offer (Offer) made under a prospectus lodged with ASIC on 27 June 2024 (Prospectus) by Rhinomed Limited (Rhinomed).

ASIC reports low take up of simplified liquidations since 2021 reforms

Fewer than one in 10 liquidators have adopted a simplified liquidation process when winding up companies with debts not exceeding $1 million, even though liquidations may be eligible, a new report from ASIC has found.

Court orders Noumi pay $5 million penalty for breaching continuous disclosure obligations

The Federal Court has ordered food manufacturer Noumi Limited to pay a penalty of $5 million after it admitted to breaching its continuous disclosure obligations by overstating the value of inventory.

ASIC’s first greenwashing case results in landmark $11.3 million penalty for Mercer

In a landmark case for ASIC, the Federal Court has ordered Mercer Superannuation (Australia) Limited to pay a $11.3 million penalty after it admitted it made misleading statements about the sustainable nature and characteristics of some of its superannuation investment options.

ASIC suspends AFS licence of Id Funds Management Limited

ASIC has suspended the Australian financial services (AFS) licence of Id Funds Management Limited (Id Funds) until 28 February 2025.

ASIC disqualifies Sydney director Dominique Grubisa from managing corporations for 18 months

ASIC has disqualified Sydney-based director Dominique Grubisa from managing corporations for 18 months following her involvement in the failure of two companies.  The disqualification took effect on 24 May 2024.

ASIC bans United Global Capital (in Administration) director for 10 years and cancels licence

ASIC has banned Joel James Hewish for 10 years from providing financial services, performing any function involved in carrying on of a financial services business and controlling an entity that carries on a financial services business.

Dr Roger Munro unsuccessful in criminal appeal

The Queensland Court of Appeal has dismissed an appeal by Dr Roger Munro against his conviction on three counts of fraud.

NSW director charged with dishonestly causing a financial disadvantage to his company

Mark Stevens of Kurraba Point, NSW, today appeared at the Downing Center Local Court charged with dishonestly causing a financial disadvantage by deception contrary to section 192E(1)(b) of the Crimes Act 1900 (NSW).

Melbourne accountant Stephen Allen convicted for falsifying signatures on audit documents

Stephen Robert Allen, the sole director of K.H.N Holdings Pty Ltd trading as Alkemade & Associates, was sentenced to serve a Community Correction Order of 70 hours over 12 months and fined $20,000 for making false statements to induce others, by the Melbourne County Court on 29 July 2024.

ASIC bans NSW adviser from providing financial services for five years and cancels the AFS licence held by his business

ASIC has banned NSW-based adviser Christopher Edward Luff from providing financial services for five years and has cancelled the AFS licence of his business, Build Your Wealth Pty Ltd (Build Your Wealth).

EuropeFX director Pedro Sasso banned for five years

Pedro Eduardo Sasso, the director of Maxi EFX Global AU Pty Ltd (EuropeFX), has been banned by ASIC from being a director of or controlling an entity that carries on a financial services business.

ASIC suspends Australian credit licence of John Adicho

ASIC has suspended Melbourne-based credit licensee John Adicho from engaging in credit assistance activities for a period of six months until 18 December 2024.

ASIC sues COFCO International Australia Pty Ltd and COFCO Resources SA for futures market manipulation

ASIC has launched civil penalty proceedings in the Federal Court against COFCO International Australia Pty Ltd and COFCO Resources SA alleging the companies manipulated the ASX24 market for Eastern Australia Wheat futures January 2023 (WMF3) contracts.

Australians can be confident in the integrity of our equity markets: ASIC report

ASIC’s latest market cleanliness report has shown Australia’s equity markets continue to operate with a high level of integrity and remain consistently among the cleanest in the world.

Charges laid in alleged Telegram ‘pump and dump’ conspiracy following ASIC investigation

Following an ASIC investigation, four people have been criminally charged for their alleged involvement in a coordinated scheme to pump up shares in Australian stock values before dumping them at inflated prices.

ASIC secures travel restraint orders against financial advisor Barry King

ASIC has secured travel restraint orders against Melbourne-based financial advisor Barry David King.

ASIC protects small business Quarterly Update 1 April - 30 June 2024

ASIC continues to take enforcement action against company directors whose actions unfairly impact small businesses with the disqualification of seven directors in the 1 April to 30 June 2024 quarter.

American Express ordered to pay $8 million penalty for failing to meet its design and distribution obligations

The Federal Court has ordered American Express Australia Limited (Amex) to pay $8 million in penalties for breaching the design and distribution obligations (DDO) in relation to two co-branded credit cards which were primarily distributed to customers in David Jones stores.

ASIC bans former directors of XTrade.AU Pty Ltd

ASIC has banned former directors and responsible managers of XTrade.AU Pty Ltd (XTrade), Mr Shay Zakhaim and Mr Anthony Anderson, from carrying on of a financial services business, either as a director or responsible manager, for three and five years respectively.

Former NSW mortgage broker Aleksandra Frizzell permanently banned following fraud convictions

ASIC has permanently banned former Sydney-based mortgage broker Aleksandra Frizzell following fraud convictions.

ASIC permanently bans former financial adviser Anass Abdalla

ASIC has permanently banned Queensland based financial adviser Anass “Caesar’ Abdalla from providing any financial services, performing any function involved in the carrying on of a financial services business and from controlling an entity that carries on a financial services business.

Former BitConnect promoter John Bigatton convicted for providing unlicenced financial advice

John Bigatton, the Australian promoter of BitConnect, has been convicted by the Sydney District Court of providing unlicenced financial advice contrary to s911B(1)of the Corporations Act 2001. He was released on a recognizance to be of good behaviour for three years.

Big banks to refund millions in fees to low-income customers following ASIC report

Bank customers on low incomes, including First Nations customers, will be refunded over $28 million dollars after a first-of-its-kind ASIC review revealed four Australian banks systemically charged high fees to those customers who could least afford it.

ASIC and APRA issue final rules and information for the Financial Accountability Regime

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published new information to help insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR).

ASIC successful in first DDO case against Firstmac

The Federal Court today found that Firstmac Limited breached the new design and distribution provisions by failing to take reasonable steps that would have resulted in, or would have been reasonably likely to have resulted in, the distribution of one of its investment products being consistent with its target market determination (TMD) for the product.

ASIC cancels Australian credit licence of Accumulus Capital Pty Ltd

ASIC has cancelled the Australian credit licence of Accumulus Capital Pty Ltd (Accumulus).

WA financial adviser Dash Vee permanently banned from financial services

ASIC has permanently banned WA based former financial adviser Dashiel Benjo Vee (aka Dash Vee) from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business.

AAT varies ASIC’s ban of Sydney financial adviser

On 27 June 2024, the Administrative Appeals Tribunal (Tribunal) varied ASIC’s decision to ban Mr Christopher Betalli from providing financial services (21-358MR). 

Court declares PayPal Australia used an unfair contract term

The Federal Court of Australia has declared a term used by PayPal Australia Pty Limited (PayPal) in its standard form contracts with small businesses to be unfair.  

ASIC disqualifies former financial and insurance services industry director for five years

ASIC has disqualified former financial and insurance services industry director, Christian Oey, of Dural NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of three companies.

AAT amends ASIC’s permanent ban made against Todd Karamian

The Administrative Appeals Tribunal (AAT) has varied ASIC’s decision to permanently ban Todd Karamian from providing financial services and carrying on a financial services business after he falsified his financial adviser exam result.

ASIC suspends AFS licence of HLK Group Pty Ltd

ASIC has suspended the Australian financial services (AFS) licence of HLK Group Pty Ltd (HLK Group) for a period of six months until 27 December 2024.

Super trustees urged to strengthen oversight of retirement strategy implementation

ASIC urges AFS licensees to correct records on the Financial Advisers Register

ASIC is calling on AFS licensees to assess the accuracy of records about their financial advisers on the Financial Advisers Register after a spot check identified errors and inconsistencies in some of the information provided.

Defunct payday lender penalised $16 million over prohibited fees and deficient systems

ASIC suspends Airrails AFS licence

ASIC has suspended the Australian financial services (AFS) licence of Airrails Pty Ltd (Airrails) for three months.

ASIC cancels licence of Guildfords Funds Management Pty Ltd

ASIC has cancelled the Australian financial services (AFS) licence of Guildfords Funds Management Pty Ltd (Guildfords) after ASIC found significant and systemic failures of oversight and compliance in Guildfords’ provision of financial services.

ASIC bans Guilford Funds Management director for four years

ASIC has banned managing director of the Guildford group of companies, Dr Robert Payne of Brighton, Victoria, from providing financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business for four years.

Court appoints independent party to verify payments made from the Shield Master Fund

The Federal Court has appointed Jason Tracy and Lucica Palaghia of Deloitte to have full control of the bank accounts of the Shield Master Fund (Shield).

ASIC approves enhanced Banking Code of Practice

ASIC has approved a new version of the Australian Banking Association’s (ABA) Banking Code of Practice, which includes enhancements to key protections. The new Code will commence on 28 February 2025.

Federal Court freezes assets of United Global Capital and Global Capital Property Fund

ASIC has obtained interim orders from the Federal Court freezing the assets of financial advice licensee United Global Capital Pty Ltd (UGC) and related property investment company Global Capital Property Fund Limited (GCPF). 

ASIC calls on market intermediaries to strengthen supervision of business communications

ASIC is calling on market intermediaries to strengthen their supervisory arrangements for recording and monitoring representatives’ business communications to prevent, detect and promptly address misconduct and contraventions of financial services laws.

ASX listed company pays two infringement notices for greenwashing in market announcements

Fertoz Limited (Fertoz) has paid $37,560 to comply with two infringement notices issued by ASIC in which ASIC alleged it made false or misleading statements regarding its Reforestation Project in the Philippines (Philippines Reforestation Project). 

Court finds iSignthis breached disclosure laws and Nickolas Karantzis breached his directors’ duties

The Federal Court has found iSignthis Ltd, now known as Southern Cross Payments Ltd, engaged in a number of contraventions of the law between 2018 and 2020.

PKF admits to contraventions concerning independent expert report engagements

ASIC has accepted a court enforceable undertaking from Australian Financial Services (AFS) licensee PKF Melbourne Corporate Pty Ltd (PKF).  

MDP issues infringement notice to Ascot Securities for serious failures

The Markets Disciplinary Panel (MDP) issued an infringement notice to Ascot Securities Pty Ltd (Ascot) on 24 November 2023 for serious failures, requiring it to pay a penalty of $3.1 million and enter into an enforceable undertaking.

Federal Court freezes assets of Shield Master Fund

ASIC appeals Court’s decision to relieve Block Earner from liability to pay a penalty

ASIC has appealed the Federal Court’s decision to relieve Block Earner from liability to pay a penalty for contraventions related to unlicensed financial services when it offered its crypto-related Earner product. 

ASIC cancels AFS licence of Sug Ou Jeung

ASIC cancels licence of Haywards Audit Pty Ltd

ASIC has cancelled the Australian financial services (AFS) licence of Haywards Audit Pty Ltd (489231). The licence cancellation took effect on 7 June 2024.

ASIC issues first crowd-sourced funding regime stop order

ASIC has issued an interim stop order preventing Hirehood Pty Ltd (Hirehood) from offering securities under its crowd-sourced funding (CSF) offer document published on the VentureCrowd Pty Ltd intermediary platform. ASIC has made this interim order in the public interest to protect retail investors looking to invest in this offer.

ASIC suspends AFS licence of Responsible Entity Services Limited

ASIC has suspended the Australian financial services (AFS) licence of Responsible Entity Services Limited (Responsible Entity Services) until 11 June 2025.

ASIC cancels licence of Aussie Wealth Super Pty Ltd

ASIC cancels AFS licence of retail OTC derivative issuer XTrade.AU Pty Limited

ASIC has cancelled the Australian financial services (AFS) licence of retail over the counter (OTC) derivatives issuer XTrade.AU Pty Ltd (XTrade).

Court finds Active Super made misleading ESG claims in a greenwashing action brought by ASIC

The Federal Court has found LGSS Pty Limited, as trustee of the superannuation fund Active Super (Active Super) contravened the law in connection with various misleading representations concerning its environmental, social and governance (ESG) credentials.

ASIC issues DDO stop order against Australian Unity Funds Management

ASIC has made an interim stop order preventing Australian Unity Funds Management Ltd (Australian Unity) from issuing or distributing interests in the Australian Unity Select Income Fund (Fund) to retail clients.

Court relieves Block Earner from liability to pay a penalty for offering unlicensed crypto-related product ‘Earner’

5 million+ Australians have struggled to make loan and debt repayments, yet many not asking for help

New research shows many Australians in financial hardship are not asking their lenders for help.

ASIC permanently bans Melbourne director from financial services and credit activities

Auditor and audit firm admit to independence failures

ASIC suspends AFS licence of Aurora Funds Management Limited

ASIC disqualifies NSW director for five years

Former Queensland financial adviser Brett Gordon banned following fraud conviction

ASIC has permanently banned former Sunshine Coast financial adviser Brett Andrew Gordon from providing financial services and engaging in credit activities after he was convicted of fraud offences.  

DanFX Trade former director Daniel Ali jailed for fraud

Daniel Farook Ali, former director of DanFX Trade Pty Ltd, has been sentenced in the Brisbane District Court to seven years and three months imprisonment for fraud, following an ASIC investigation.

ASIC wins Federal Court case against Cigno Australia and BSF Solutions

The Federal Court has found Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) engaged in credit activity without an Australian Credit licence and charged consumers prohibited fees.

ASIC restricts Energy World Corporation Ltd from issuing a reduced-content prospectus

ASIC issues DDO stop orders against Trademax Australia

ASIC has made two interim stop orders preventing Trademax Australia Limited from opening trading accounts or dealing in contracts for difference (CFDs) or margin foreign exchange contracts (margin FX) to retail investors.

ASIC bans former financial adviser for three years

LPI Australia restates 2022 accounts following concerns raised by ASIC

ASIC cancels Everest Asset Management’s AFS licence

ASIC has cancelled the Australian financial services (AFS) licence of Everest Asset Management Pty Ltd (Everest).   

ASIC disqualifies QLD director for maximum five years

ASIC report: Australians need better hardship support from their lenders

Former BitConnect promoter John Bigatton pleads guilty

John Louis Anthony Bigatton of Carss Park, New South Wales, has pleaded guilty to one criminal charge relating to his role as national promoter of BitConnect.

ASIC restricts three listed companies from issuing a reduced-content prospectus

ASIC has restricted XTC Lithium Limited (XTC), My Rewards International Limited (MRI) and Range International Limited (RAN) from issuing a reduced-content prospectus for 12 months after they failed to lodge financial and other reports in line with their obligations.

ASIC announces 30 June 2024 focus areas and expanded program to support financial reporting and audit quality

ASIC today has outlined an expanded program of work to enhance the integrity and quality of financial reporting and auditing in Australia in achieving the broader goal of confident and informed investors.

ASIC cancels Octillion Partners AFS licence

ASIC has cancelled the Australian financial services (AFS) licence of Octillion Partners Pty Ltd.

ASIC permanently bans former financial adviser

ASIC has permanently banned Melbourne based financial adviser Kudzanai Philip Dzawo from providing any financial services, performing any function involved in the carrying on of a financial services business and from controlling an entity that carries on a financial services business.

AAT upholds permanent ban on former NSW based adviser

The Administrative Appeals Tribunal (AAT) has upheld ASIC’s decision to permanently ban Sean John Sweeney from providing any financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business.

Brett Paul Trevillian pleads guilty to making false documents

Metal Alpha Pty Ltd director Brett Paul Trevillian has pleaded guilty to forging portfolio performance verification reports when he was the investment manager of AlphaThorn Pty Ltd.

Western Australian directors convicted for failing to have director identification numbers

ASIC freezes assets of Brisbane financial advisor

ASIC has commenced urgent proceedings in the Federal Court against Sunny Mahendra Prakash and his related companies, Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises Pty Ltd and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund (Related Companies).

ASIC calls on super trustees to improve gatekeeping of member savings

J.P. Morgan Securities $775,000 penalty for market gatekeeper failure

Following an ASIC investigation, the Markets Disciplinary Panel (MDP) has fined J.P. Morgan Securities Australia Limited (JPMSAL) $775,000 for permitting suspicious client orders to be placed on the futures market, ASX 24.  

ASIC issues warning over dodgy cold calling operators and online baiting tactics

ASIC is warning consumers to be wary after an ASIC review identified some cold calling operators using high-pressure sales tactics and online click-bait advertisements to lure consumers into receiving inappropriate superannuation switching advice.

Henry Heng sentenced for failing to disclose interests as a company director

The founder of listed bottled water producer Eneco Refresh, Henry Eng Chye Heng, has been sentenced to a recognisance release order upon providing security of $10,000 to be of good behaviour for 12 months.

ASIC wins first court outcome regarding a non-cash payment facility involving crypto assets

The Federal Court has found BPS Financial Pty Ltd (BPS) engaged in unlicensed conduct when offering the ‘Qoin Wallet’, a non-cash payment facility which used a crypto-asset token called ‘Qoin.’  

Financial Services Licensee sentenced for failing to lodge annual financial reports

ASIC protects small business by disqualifying four directors for failures relating to the management of small proprietary companies

During the period 1 January to 31 March 2024, ASIC has banned four directors from managing corporations following their role in the collapse of multiple small proprietary companies leaving many creditors unpaid including the Australian Taxation Office (ATO), employees and other small business creditors.

ASIC sues Magnis and Frank Poullas over disclosure failures

Southern Steel Group Pty Limited re-lodges FY23 financial report with comparatives

Southern Steel Group Pty Limited (Southern Steel) has re-lodged its financial report for the year ended 30 June 2023 after ASIC’s inquiries.

NSW financial adviser Adele Baaini permanently banned from credit and financial services industries

ASIC has permanently banned NSW based financial adviser Adele Baaini from providing any financial services, controlling an entity that carries a financial services business, performing a function involved in the carrying on of a financial business or from engaging in credit activities.

ASIC orders end to Centrepay credit arrangements in Urban Rampage stores

Former Victorian director charged with breaching his director duties and making false statements to ASIC

Henry Eng Chye Heng sentenced to 18 months’ imprisonment for misleading share trading

ASIC cancels AFS licence of JB Markets

Macquarie Bank to pay $10 million for failure to properly monitor system for third-party fee withdrawals from customer accounts

The Federal Court has ordered Macquarie Bank Ltd to pay a penalty of $10 million for failing to have effective controls to prevent and detect unauthorised fee transactions conducted by third parties, such as financial advisers, on customer cash management accounts using Macquarie’s bulk transacting facility.

ASIC appeals Federal Court findings relating to unfair contract term in insurance contracts by Auto & General

ASIC has appealed the Federal Court’s decision to dismiss ASIC’s proceedings against Auto & General Insurance Company Limited (Auto & General) regarding an alleged unfair contract term under the ASIC Act.

ASIC disqualifies QLD construction director for 5 years

ASIC insolvency data shows increase in companies failing

ASIC’s latest insolvency data for the nine-month period from 1 July 2023 to 31 March 2024, released today, shows an increase in the number of Australian companies failing.

Adam Blumenthal ordered to pay $850,000 and disqualified for five years for  market rigging and directors’ duties breaches

The Federal Court has ordered Adam Blumenthal, former director of EverBlu Capital Pty Ltd (EverBlu) and Creso Pharma Limited (now known as Melodiol Global Health Limited) (Creso), to pay a penalty of $850,000 and be disqualified from managing corporations for five years following action brought by ASIC.

Changes to the Executive Leadership Team

The Australian Securities and Investments Commission today confirmed a number of changes to its senior executive leadership team. 

Court finds Sunshine Loans charged customers prohibited fees

The Federal Court has found that, between July 2016 and November 2020, small amount lender, Sunshine Loans entered into over 670,000 contracts which included an amendment or rescheduling fee that is not permitted by the National Credit Code.

ASIC obtains Federal Court orders appointing receivers over digital currency assets of blockchain mining companies

ASIC has commenced civil proceedings against blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Ltd (NGS Companies) and the sole directors of those respective companies, Brett Mendham, Ryan Brown and Mark Ten Caten.

ASIC consults on misconduct reporting guidance for external administrators and controllers

ASIC has today released a consultation paper on proposed updates to its regulatory guidance for external administrators and controllers when reporting and lodging statutory reports about alleged misconduct.

ASIC action results in $1.25 million Court imposed penalty against AFSL 'licensee for hire' firm

Wholesale licensee Lanterne Fund Services Pty Ltd (Lanterne) has been ordered to pay a $1.25 million penalty by the Federal Court after it failed to comply with six of the general obligations of Australian financial services (AFS) licence holders.

Federal Court winds up retail OTC derivative issuer Prospero Markets Pty Ltd

The Federal Court has ordered that Prospero Markets Pty Ltd (Prospero) be wound up on just and equitable grounds and that liquidators be appointed following an application by ASIC.

AAT reinstates Cameron Lindsay Duncan’s liquidator registration with conditions

Following an application to the Administrative Appeals Tribunal (AAT) for review of a liquidator’s Disciplinary Committee’s decision, the AAT has decided that Cameron Lindsay Duncan’s liquidator registration should be reinstated, subject to conditions, for such time as he remains a non-resident of Australia. 

ASIC appeals Finder Wallet decision

ASIC has appealed the Federal Court’s decision to dismiss ASIC’s proceedings against Finder Wallet Pty Ltd for allegedly providing unlicensed financial services, breaching product disclosure requirements and failing to comply with design and distribution obligations in relation to its crypto-asset related product ‘Finder Earn’.

James Mawhinney arrested and charged following ASIC criminal investigation

Following an ASIC investigation, James Mawhinney, of Port Melbourne, Victoria, has been arrested and charged with four counts of engaging in dishonest conduct in the course of carrying on a financial services business.

Head of audit at William Buck Victoria pays $20,625 penalty for audit rotation issues

Nicholas Benbow, director of William Buck Audit (Vic) Pty Ltd, has paid $20,625 to comply with 3 infringement notices issued by ASIC. This is the first time ASIC has issued an infringement notice under the Corporations Act for an alleged breach of audit rotation issues.

ASIC cancels licence of Menon & Associates Pty Ltd

Former Sydney financial adviser charged with dishonest conduct

Sydney-based former financial adviser David Valvo appeared before the Downing Centre Local Court on 2 April 2024 charged with 12 counts of dishonest conduct in the course of carrying on a financial services business, Your Financial Freedom Pty Ltd.

Federal Court throws out application to prevent ASIC investigation

The Federal Court has dismissed an application by Provide Nominees Pty Ltd (Provide Capital) to prevent ASIC’s further investigation of the entity. 

Janet Cameron convicted and fined in Hobart Magistrates Court

Former director of Bellamy’s Australia Ltd Janet Heather Cameron, of Bicheno, Tasmania, has today been convicted and ordered to pay a total fine of $8,000 in the Hobart Magistrates Court following an investigation by ASIC.

ASIC wins first greenwashing civil penalty action against Vanguard

The Federal Court has found Vanguard Investments Australia contravened the law by making misleading claims about certain environmental, social and governance (ESG) exclusionary screens applied to investments in a Vanguard index fund.

ASIC cancels AFS Licence of Crown Wealth Group

ASIC has cancelled the Australian financial services licence of Crown Wealth Group Pty Ltd (Crown Wealth) after it was placed into voluntary administration.

Cameron Waugh sentenced to two years imprisonment for insider trading

Former corporate adviser Cameron Kerr Waugh has been sentenced to two years imprisonment for insider trading offences, contrary to s1043A(1) of the Corporations Act 2001, in relation to his trading in Genesis Minerals Limited shares in September 2021.

ASIC brings first action against a director for failing to have a director identification number

Federal Court finds Auto & General Insurance Company did not include an unfair contract term in its insurance contracts

The Federal Court has today found that a term requiring policy holders to notify Auto & General Insurance Company Limited (Auto & General) of any changes to their home and contents is not unfair under the ASIC Act.

ASIC secures travel restraint orders against Mansa Group directors

ASIC secured travel restraint orders against current and former directors within the Mansa Group, Krishnakumar Sitaram Agrawal and Shashikumari Krishnakumar Agrawal.

Managing Director of Dubber Corporation restrained from leaving Australia

ASIC has secured interim travel restraint orders against Stephen Vincent McGovern, Managing Director and CEO of Dubber Corporation Limited, and Mark Madafferi, solicitor and principal of North Melbourne law firm, Christopher William Legal.

ASIC bans Panacea Capital director from providing financial services

Holista Colltech to pay $1.8 million penalty for breaching continuous disclosure obligations over the sale of its COVID product

The Federal Court has ordered Holista Colltech Ltd pay a penalty of $1.8 million for breaching its continuous disclosure obligations and made misleading representations regarding the sales of its sanitiser product, Natshield.

Financial Adviser and director Shane Allan Rose permanently banned

ASIC has permanently banned QLD-based financial adviser Shane Rose from providing any financial services, performing any function involved in the carrying on of a financial services business, and from controlling an entity that carries on a financial services business.

Data#3 announces change to accounting policy for indirect software revenue recognition following ASIC review

Data#3 Limited (Data3) has announced the restatement of its full year 2023 and half year 2022 financial reports following a review initiated as part of ASIC’s new financial reporting and audit surveillance program.

Third person pleads guilty in relation to Courtenay House Ponzi scheme

David Sipina of Croydon NSW has pleaded guilty to two criminal charges relating to his role at the Courtenay House group of companies.

Former Continental Coal Company Secretary sentenced

Former Continental Coal Company secretary Jane Rosemary Flegg was sentenced to 3 years, 6 months imprisonment with a non-parole period of 21 months following a hearing in Supreme Court of Western Australian on the 15 March 2024.

ASIC cancels AFS licence of Endeavour Securities (Australia) Ltd

ASIC has cancelled the Australian financial services licence of Endeavour Securities (Australia) Ltd (In Liquidation).

ASIC successfully defends Full Federal Court appeal lodged by Provide Capital

The Full Federal Court has dismissed an appeal by Provide Nominees Pty Ltd, trading as Provide Capital.

ASIC cancels AFS licence of Suetonius Wealth Management Pty Limited

On 11 March 2024, ASIC cancelled the Australian Financial Services (AFS) licence of Sydney based financial services provider, Suetonius Wealth Management Pty Limited (Suetonius). 

Federal Court finds Finder Earn product was not a financial product

ASIC and APRA release a cross-industry information package on the Financial Accountability Regime

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published new information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR).

ASIC acts against 15 SMSF auditors performing in-house audits

ASIC has imposed conditions on the registration of 13 self-managed superannuation fund (SMSF) auditors and accepted voluntary cancellations of two SMSF auditors after independence concerns were raised.   

Members’ voluntary liquidator sentenced for dishonestly using his position to withdraw company funds

ASIC disqualifies former ASX listed Merlin Diamonds director Joseph Gutnick for four years

Joseph Gutnick of St Kilda East, Victoria, has been disqualified by ASIC from managing corporations for a period of four years following his involvement in three failed companies between June 2016 and March 2020.

ASIC and APRA issue final rules and further guidance for the Financial Accountability Regime

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released final rules and further guidance to support the financial services industry in implementing the Financial Accountability Regime (FAR).

ASX pays $1,050,000 penalty for order information transparency failure

ASX Limited has paid a penalty of $1,050,000 following an ASIC investigation into its compliance with the Market Integrity Rules. This is the first time ASIC has issued an infringement notice to a market operator.

ASIC succeeds in conflicted remuneration case against financial advice licensee

On the 29 February, the Federal Court found that R M Capital Pty Ltd (RM Capital) failed to take reasonable steps to ensure that its authorised representative, the SMSF Club Pty Ltd (SMSF Club), did not accept conflicted remuneration.

ASIC shuts down nearly 3,500 scam websites, steps up surveillances in push to protect consumers

New data has revealed nearly 3,500 investment scam websites have been knocked out by ASIC's scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct.

It’s a scam! Celebrities are not getting rich from online investment trading platforms

The National Anti-Scam Centre is warning consumers to beware of fake news articles and deepfake videos of public figures that endorse and link to online investment trading platform scams, particularly on social media.

ASIC disqualifies NSW director for maximum five years after failure of seven companies

ASIC has disqualified Alaa El Hassan of Sydney, New South Wales, from managing corporations for 5 years due to his involvement in the failure of seven companies that went into liquidation during 2018 and 2019. Mr Hassan was a director of seven companies which operated across a variety of industries including the hospitality, construction, cleaning and electrical industries:

ASIC seeks orders to wind up Prospero Markets Pty Ltd

ASIC has applied to the Federal Court to wind up retail OTC derivative issuer Prospero Markets Pty Ltd (Prospero) on just and equitable grounds.

ASIC successfully appeals ACBF and Youpla misrepresentations case

The Full Court has upheld ASIC’s appeal in its case against ACBF Funeral Plans Pty Ltd (ACBF) and Youpla Group Pty Ltd (Youpla), finding that funeral expenses insurance provider ACBF misrepresented to Aboriginal consumers that it was Aboriginal owned or managed when that was not the case.

ASIC issues Urban Rampage with interim stop order over concerns of financial harm to First Nations consumers

ASIC obtains bankruptcy orders against social media finfluencer Tyson Scholz

ASIC has successfully sought sequestration orders in the Federal Court of Australia against social media finfluencer Tyson Robert Scholz.

ASIC secures interim travel restraint orders against former Blockchain Global director

ASIC has secured interim travel restraint orders against former Blockchain Global Limited (in liquidation) director Liang Guo, also known as Allan Guo.

ASIC issues infringement notice to Melbourne Securities for greenwashing

Melbourne Securities Corporation Limited (Melbourne Securities) has paid $13,320 to comply with an infringement notice issued by ASIC in which ASIC alleged it made misleading statements regarding its Bloom Climate Impact Fund (Bloom Fund).

ASIC cancels AFS licence of NextGen Financial Group Pty Ltd

ASIC has cancelled the Australian financial services (AFS) licence of NextGen Financial Group Pty Ltd (NextGen Financial Group) effective from 23 February 2024.

ASIC accepts court enforceable undertaking from former Melbourne financial adviser

ASIC has accepted a court-enforceable undertaking from former financial adviser, Shivdeep Jaidka, from Melbourne, Victoria. 

ASIC calls on industry to improve oversight of Choice super performance and address issues

An ASIC review has called out the risk to retirement outcomes for Australians, of holding their superannuation in persistently underperforming options, and called on super trustees, financial advisers, and financial advice licensees to more consistently focus on the performance of Choice super investment options.

ASIC cancels AFS licence of Valorton Capital Pty Ltd

ASIC sues David Paul Hodgson and companies associated with the Paladin Group

New Moneysmart data reveals young women more stressed than young men about finances, cost of living

New research released by ASIC’s Moneysmart has shed light on the financial concerns of Australian Gen Z women, revealing that they are more likely than Gen Z men to feel stressed and overwhelmed by finances and money.

Former director of Reiwa-Capital pleads guilty to using investor funds dishonestly

The former director of Reiwa-Capital, Russell Sandiford, has pleaded guilty to two counts of dishonest conduct in relation to a financial product contrary to section 1041G of the Corporations Act with section 1311, following an ASIC investigation.

ASIC permanently bans Yanchep financial adviser

ASIC has made two orders permanently banning Yanchep-based financial adviser Mark Raymond Sebo following his convictions of fraud.

AFSL held by Brava Capital cancelled

ASIC has cancelled the Australian financial services licence (AFSL) held by Sydney-based Brava Capital Pty Ltd, previously known as Dayton Way Securities Pty Ltd between 2010 and August 2023.

Court finds Block Earner needed financial services licence to offer Earner crypto product

The Federal Court has found fintech company Block Earner engaged in unlicensed financial services conduct when offering its crypto-backed Earner product.

ASIC halts offers of Shield Master Fund

ASIC has made interim stop orders on four product disclosure statements (PDSs) for classes of units of the Shield Master Fund (ARSN 650112057) (Fund), a registered managed fund promoted by Keystone Asset Management Ltd (Keystone).

Federal Court orders Brite Advisors wound up on just and equitable grounds

The Federal Court has ordered Brite Advisors Pty Ltd (Brite) be wound up on just and equitable grounds following an application by ASIC.

ASIC announces action against nine SMSF auditors

In the quarter ending 31 December 2023, ASIC took action against nine self-managed superannuation fund (SMSF) auditors where we formed the view that conduct did not meet the required standards.

Charges laid following ASIC’s investigation into suspected self-managed super investment scam

Joseph Cullia and Zoran Markovic, two Melbourne men allegedly involved in a sophisticated self-managed super fund (SMSF) scam targeting Australian investors, have appeared before the Melbourne Magistrates Court today charged with various criminal offences following an ASIC investigation.

Aryn Hala charged with providing unlicensed financial services

Aryn Hala of Redbank Plains, Queensland, has been charged with nine offences of carrying on a financial services business without a licence under 911A (1) of the Corporations Act 2001 (Cth) following an ASIC investigation.

Former Ralan Group managing director sentenced to four years in prison

ASIC accepts court enforceable undertaking from buy now, pay later provider Elepay

Court declares Westpac engaged in unconscionable conduct for interest rate swap, maximum penalty applied

The Federal Court has declared Westpac Banking Corporation (Westpac) engaged in unconscionable conduct in October 2016 when executing a $12 billion interest rate swap transaction, the largest of its kind in Australian financial market history.

ASIC seeks contempt of court orders against Joshua David Fuoco

ASIC has filed a contempt application in the Federal Court against Joshua David Fuoco, the Melbourne-based former director of Wealth & Risk Management Pty Ltd. On 5 February 2018 Mr Fuoco was ordered by the Federal Court not to carry on, or be involved in, a financial services business for ten years.

West Australian man Cameron Waugh pleads guilty to insider trading

Former corporate adviser Cameron Waugh has pleaded guilty at the Stirling Gardens Magistrates Court to insider trading in relation to the gold exploration and mine development company Genesis Minerals Limited.

Former Continental Coal Company Secretary pleads guilty

ASIC cancels AFS licence

ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider Indie Advice Pty Ltd (Indie Advice).

Penta Capital to pay $53,280 over allegedly misleading statements

Queensland company Penta Capital Pty Ltd has agreed to pay $53,280 to comply with four infringement notices issued by ASIC. ASIC alleges Penta Capital made a series of false and misleading statements on its website.

ME Bank sentenced after pleading guilty to criminal charges

Liquidator disciplinary committee imposes conditions on registration of Steven Naidenov

On 21 December 2023, a liquidator disciplinary committee (the Committee) decided that conditions should be imposed on Steven Naidenov, a registered liquidator. 

ASIC disqualifies two more Canberra property developers