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Perth property developer disqualified from managing corporations for four years
bannings and alertsmedia release (24-291MR)
24 December 2024
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.
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Sanlam admits to inadequate oversight of authorised representatives
technologymedia release (24-290MR)
23 December 2024
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.
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Perth accountant charged over alleged insider trading in Genesis Minerals shares
financial servicesmedia release (24-289MR)
23 December 2024
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.
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Third person sentenced for Courtenay House misconduct
companiesmedia release (24-288MR)
23 December 2024
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.
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Federal Court finds CFD issuers engaged in systemic unconscionable conduct with customer losses totalling over $83 million
dealing with asicmedia release (24-287MR)
20 December 2024
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.
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ASIC suspends AFS Licence of Equitise Pty Ltd
fundraisingmedia release (24-286MR)
20 December 2024
ASIC has suspended the Australian financial services (AFS) licence of Equtise Pty Ltd (Equitise) until 10 February 2025.
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ASIC takes action against Swoosh alleging responsible lending failures and DDO breaches
dealing with asicmedia release (24-285MR)
19 December 2024
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.
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ASIC successfully defends Receivers’ application for indemnity
managed investment schemesmedia release (24-284MR)
18 December 2024
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.
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ASIC sues crypto company Binance Australia Derivatives for consumer protection failures
technologymedia release (24-283MR)
18 December 2024
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.
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Former Victorian director sentenced for making false statements to ASIC
financial reportingmedia release (24-282MR)
17 December 2024
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).
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Former registered liquidator Peter Amos sentenced to prison for dishonest use of position as external administrator
financial servicesmedia release (24-281MR)
17 December 2024
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).
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ASIC sues HSBC Australia alleging failures to adequately protect customers from scams
financial servicesmedia release (24-280MR)
16 December 2024
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.
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ASIC cancels AFS licence of Macgill Financial Services Pty Ltd
financial advicemedia release (24-279MR)
13 December 2024
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.
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ASIC cancels AFS licence of Patrick Joseph O’Neill
financial reportingmedia release (24-278MR)
13 December 2024
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.
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Lead auditor of Greensill Group suspended by Companies Auditors Disciplinary Board until June 2026
auditorsmedia release (24-277MR)
13 December 2024
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).
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Ex-Vocus chair Vaughan Bowen found not guilty of insider trading
financial marketsmedia release (24-276MR)
13 December 2024
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.
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ASIC highlights focus areas for 31 December 2024 financial reports
auditorsmedia release (24-275MR)
13 December 2024
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.
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Kraken crypto exchange operator to pay $8 million following ASIC enforcement action
creditmedia release (24-274MR)
12 December 2024
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.
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Former Director and CEO of Bananacoast Credit Union sentenced for dishonest conduct
financial advicemedia release (24-273MR)
12 December 2024
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.
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ASIC’s Moneysmart reveals how Aussies plan to spend this Christmas
financial capabilitymedia release (24-272MR)
12 December 2024
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.
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ASIC sues Rex and four directors for serious governance failures
dealing with asicmedia release (24-271MR)
11 December 2024
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.
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ASIC accepts court enforceable undertaking from Northern Territory pawnbroker for unlicensed credit
creditmedia release (24-270MR)
9 December 2024
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.
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ASIC bans South Australian adviser from being involved in financial services for seven years
financial advicemedia release (24-269MR)
6 December 2024
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.
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ASIC puts insurers on notice for blind spots in complaints handling
reports and publicationsmedia release (24-268MR)
5 December 2024
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.
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ASIC suspends Edisons Global’s AFS licence following repeated compliance failures
bannings and alertsmedia release (24-267MR)
4 December 2024
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.
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ASIC invites feedback on proposed updates to digital asset guidance
technologymedia release (24-266MR)
4 December 2024
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).
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Update for investors in the Shield Master Fund
insolvencymedia release (24-265MR)
3 December 2024
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.
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ASIC flags key observations from inaugural IDR data publication
reports and publicationsmedia release (24-264MR)
3 December 2024
ASIC has released Report 801 (REP 801), its first publication of industry-wide data reported under the internal dispute resolution (IDR) data reporting framework.
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ASIC orders stop to Centrepay credit arrangements offered by Northern Territory business
creditmedia release (24-263MR)
29 November 2024
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.
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ASIC cancels licence of RPD Group Advice Pty Ltd
bannings and alertsmedia release (24-262MR)
29 November 2024
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).
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ASIC action results in $1.25 million penalty against Sasha Hopkins for unlicensed conduct
managed investment schemesmedia release (24-261MR)
28 November 2024
The Federal Court has ordered Sasha Hopkins to pay $1.25 million and be disqualified for four years, in proceedings brought by ASIC.
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Director of Sydney gym charged with authorising the making of false statements to ASIC
companiesmedia release (24-260MR)
27 November 2024
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).
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ASIC disqualifies security industry director for five years
bannings and alertsmedia release (24-259MR)
27 November 2024
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.
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Financial Services and Credit Panel issues registration suspension order
financial advicemedia release (24-258MR)
22 November 2024
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.
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Former public company director Harry Hatch sentenced for failing to disclose interests and providing false information to the ASX
financial reportingmedia release (24-257MR)
20 November 2024
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.
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ASIC cancels licence of DOD Bookkeeping Pty Ltd
bannings and alertsmedia release (24-256MR)
19 November 2024
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).
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Kristofer Ridgway charged with dishonest conduct
financial servicesmedia release (24-255MR)
19 November 2024
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).
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ASIC sues NAB for failing customers facing financial hardship
creditmedia release (24-254MR)
18 November 2024
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.
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Former Director and CEO of Credit Union, Lyndon Kingston, found guilty of dishonest conduct
financial advicemedia release (24-253MR)
14 November 2024
Former Director and CEO of Bananacoast Community Credit Union Limited (BCU), Lyndon Allen Kingston, has been found guilty of dishonest conduct.
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ASIC announces new enforcement priorities with a focus on cost of living pressures
dealing with asicmedia release (24-252MR)
14 November 2024
ASIC today announced its enforcement priorities for 2025, capturing the key areas where it will direct resources and expertise in the coming year.
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ASIC sues Cbus alleging systemic claims handling failures
dealing with asicmedia release (24-251MR)
12 November 2024
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.
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Small foreign controlled company pays $187,800 penalty for failing to lodge financial reports
financial reportingmedia release (24-250MR)
12 November 2024
Optix Australasia Pty Ltd, has paid $187,800 to comply with an infringement notice issued by ASIC.
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Former investment manager Brett Trevillian sentenced to 3 years imprisonment for forging reports for investors
financial reportingmedia release (24-249MR)
11 November 2024
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.
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Former CEO of AI marketing company Metigy charged with misleading investors and dishonestly using his position
companiesmedia release (24-248MR)
8 November 2024
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.
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ASIC seeks feedback on proposed guidance on sustainability reporting regime
financial reportingmedia release (24-247MR)
7 November 2024
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.
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ASIC's proceedings against Dixon Advisory director Paul Ryan dismissed
superannuationmedia release (24-246MR)
6 November 2024
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.
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Federal Court appoints receivers to ALAMMC Developments
companiesmedia release (24-245MR)
5 November 2024
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.
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ASIC takes action to wind up 95 companies
companiesmedia release (24-244MR)
5 November 2024
ASIC has applied to the Federal Court to wind up 95 companies.
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ASIC sues Oak Capital alleging unconscionable conduct designed to avoid the National Credit Code
creditmedia release (24-243MR)
30 October 2024
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.
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ASIC disqualifies NSW director for five years
companiesmedia release (24-242MR)
30 October 2024
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.
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ASIC suspends three high volume SMSF auditors connected to a SMSF administration provider
auditorsmedia release (24-241MR)
30 October 2024
ASIC has suspended the registration of three self-managed superannuation fund (SMSF) auditors for one year.
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ASIC releases FY 2023–24 financial reporting and audit report and launches auditor independence surveillance
auditorsmedia release (24-240MR)
30 October 2024
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.
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ASIC Annual Forum program announced, limited registrations remain
dealing with asicmedia release (24-239MR)
29 October 2024
ASIC has released the full program for the ASIC Annual Forum and dinner to be held on 14–15 November 2024 in Sydney.
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ASIC warns governance gap could emerge in first report on AI adoption by licensees
reports and publicationsmedia release (24-238MR)
29 October 2024
ASIC is urging financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of artificial intelligence (AI).
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Federal Court finds HCF Life contract term was liable to mislead the public
financial servicesmedia release (24-237MR)
28 October 2024
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.
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Federal Court appoints receivers to director of ALAMMC Developments
bannings and alertsmedia release (24-236MR)
25 October 2024
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.
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ASIC cancels AFS licence of Next Generation Advice
financial advicemedia release (24-235MR)
24 October 2024
On 18 October 2024, ASIC cancelled the Australian financial services (AFS) licence of Next Generation Advice Pty Ltd (in Liquidation) (Next Gen).
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ASIC alleges QBE misled customers over pricing discounts
financial servicesmedia release (24-234MR)
23 October 2024
ASIC has commenced court proceedings alleging QBE Insurance (Australia) Limited (QBE) misled customers about the value of discounts offered on certain general insurance products.
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ASIC cancels the Australian financial services and credit licences of Ultiqa Lifestyle Promotions Limited
bannings and alertsmedia release (24-233MR)
22 October 2024
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).
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ASIC annual report underscores transformation
reports and publicationsmedia release (24-232MR)
22 October 2024
ASIC’s program of transformation continued in 2023–24, according to the agency’s latest annual report.
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Ex CEO of crypto exchange Mine Digital charged with fraud
financial servicesmedia release (24-231MR)
22 October 2024
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.
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ASIC cancels Australian credit licence of Emmanuel Katsoulis and suspends Australian credit licence of Peter Wormington
bannings and alertsmedia release (24-230MR)
21 October 2024
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ASIC acts to protect small business - Q1 FY25 update
bannings and alertsmedia release (24-229MR)
18 October 2024
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.
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Court rules Harvey Norman and Latitude advertising misled consumers
financial servicesmedia release (24-228MR)
18 October 2024
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.
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ASIC action results in penalty and disqualification against former Noumi CFO and Company Secretary
companiesmedia release (24-227MR)
17 October 2024
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.
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Appointments to the ASIC Executive Leadership team
dealing with asicmedia release (24-226MR)
17 October 2024
The Australian Securities and Investments Commission’s program of transformation work has continued with key appointments to its senior executive leadership team.
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ASIC cancels two Australian financial services licences and 11 Australian credit licences
bannings and alertsmedia release (24-225MR)
11 October 2024
ASIC has cancelled two Australian financial services licences (AFS licence) and 12 Australian credit licences (collectively, the Licensees).
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ASIC bans financial adviser John Hazell for two years
bannings and alertsmedia release (24-224MR)
9 October 2024
ASIC has banned financial adviser John Hazell from providing financial services for a period of two years.
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ASIC cancels licence of Ferratum Australia Pty Ltd
bannings and alertsmedia release (24-223MR)
9 October 2024
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).
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Charges against former Macquarie adviser dismissed
financial servicesmedia release (24-222MR)
4 October 2024
Charges laid against former Macquarie financial adviser Warren Scott Acworth have been dismissed.
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Federal Court appoints liquidators to Global Capital Property Fund
financial advicemedia release (24-221MR)
4 October 2024
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.
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Supreme Court orders ISG Financial to wind up its registered managed investment schemes
managed investment schemesmedia release (24-220MR)
3 October 2024
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.
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Full Federal Court dismisses ANZ appeal against ASIC case
financial marketsmedia release (24-219MR)
2 October 2024
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.
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ASIC cancels AFS licence of Prospero Markets
financial servicesmedia release (24-218MR)
2 October 2024
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.
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Dural accountant charged with making false statements to ASIC
financial servicesmedia release (24-217MR)
1 October 2024
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.
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ASIC issues DDO stop order against Northern Territory business over concerns of financial harm to First Nations consumers
creditmedia release (24-216MR)
1 October 2024
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.
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ASIC announces action against 13 SMSF auditors
auditorsmedia release (24-215MR)
1 October 2024
During the first half of 2024, ASIC took action against the registration of 13 approved self-managed superannuation fund (SMSF) auditors.
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ASIC disqualifies NSW director for five years following the failure of six companies
bannings and alertsmedia release (24-214MR)
30 September 2024
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.
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ASIC's Vanguard greenwashing action results in record $12.9 million penalty
sustainable financemedia release (24-213MR)
25 September 2024
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.
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Former Linchpin Capital director appeal dismissed by Full Federal Court
bannings and alertsmedia release (24-212MR)
25 September 2024
The Full Federal Court has dismissed an appeal by Peter Daly, a former director of Linchpin Capital Group Ltd (in liquidation).
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Macquarie Bank fined a record $4.995m for serious market gatekeeper failure
financial marketsmedia release (24-211MR)
25 September 2024
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.
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ASIC cancels licences of Ultimate Credit Management Pty Ltd and Worry Free Finance Pty Ltd
bannings and alertsmedia release (24-210MR)
24 September 2024
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).
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ASIC sues south-west Sydney car dealership for alleged unlicensed lending
financial servicesmedia release (24-209MR)
23 September 2024
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.
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ASIC receives new powers under financial market infrastructure reforms
financial marketsmedia release (24-208MR)
19 September 2024
ASIC welcomes the new Australian financial market infrastructure (FMI) laws, which introduce new powers essential to ensuring a stable and efficient Australian financial system.
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ASIC obtains urgent court orders against director and companies providing investment opportunities in NDIS-compatible property developments
managed investment schemesmedia release (24-207MR)
19 September 2024
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.
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ASIC’s proceedings against Rest alleging misleading member representations are dismissed
superannuationmedia release (24-206MR)
18 September 2024
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.
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ASIC urges businesses to prepare for mandatory climate reporting
auditorsmedia release (24-205MR)
18 September 2024
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.
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Former Berndale director pleads guilty to dishonest conduct and misuse of company funds
auditorsmedia release (24-204MR)
18 September 2024
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.
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Former financial services director Mark McCabe pleads guilty to three counts of fraud
financial servicesmedia release (24-203MR)
16 September 2024
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.
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Two interim stop orders placed on Candy Club
companiesmedia release (24-202MR)
16 September 2024
ASIC has issued two interim stop orders on Candy Club Holdings Limited (Candy Club).
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ASIC suspends AFS Licence of Olritz Financial Group Pty Ltd
financial servicesmedia release (24-201MR)
11 September 2024
ASIC has suspended the Australian financial services (AFS) licence of Olritz Financial Group Pty Ltd (Olritz) until 5 March 2025.
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ASIC calls on product issuers to review distribution practices for DDO compliance
reports and publicationsmedia release (24-200MR)
10 September 2024
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.
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ASIC to target misconduct in banking and superannuation sectors
reports and publicationsmedia release (24-199MR)
9 September 2024
ASIC today released its Enforcement and regulatory update (1 January to 30 June 2024), which sets out recent outcomes in enforcement and regulation.
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Former director of Reiwa-Capital sentenced after brazenly using $440,000 of investor funds
financial servicesmedia release (24-198MR)
9 September 2024
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.
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Court appoints receivers and new voluntary administrators to Keystone Asset Management
superannuationmedia release (24-197MR)
6 September 2024
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).
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Former Melbourne financial planner Bradley Grimm sentenced to jail for dishonest conduct
superannuationmedia release (24-196MR)
5 September 2024
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.
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ASIC wins against Rent4Keeps for overcharging vulnerable consumers on essential household goods
creditmedia release (24-194MR)
4 September 2024
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.
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ASIC cancels AFS licence of retail OTC derivative issuer FXOpen AU
financial marketsmedia release (24-194MR)
4 September 2024
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.
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Former Courtenay House director sentenced to 11 years imprisonment
companiesmedia release (24-193MR)
2 September 2024
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.
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ASIC’s Moneysmart calls on super funds to better engage millennials following findings from industry roundtable
financial capabilitymedia release (24-192MR)
2 September 2024
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.
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ASIC prosecutes 78 individuals for failing to assist registered liquidators
insolvencymedia release (24-191MR)
30 August 2024
ASIC has prosecuted 78 individuals for failing to assist registered liquidators over the six months from 1 January to 30 June 2024.
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CLSA pays penalty for providing incorrect regulatory data
financial marketsmedia release (24-190MR)
29 August 2024
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.
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AFS licensee to cease providing independent expert reports on corporate transactions
takeoversmedia release (24-189MR)
28 August 2024
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.
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Former Brisbane financial adviser Ben Jayaweera sentenced to 12 years imprisonment for fraud at retrial
financial advicemedia release (24-188MR)
27 August 2024
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.
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Former Brisbane financial adviser Ben Jayaweera found guilty of fraud following a retrial in the Brisbane District Court
financial servicesmedia release (24-187MR)
23 August 2024
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).
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ASIC wins case against Kraken crypto exchange operator for design and distribution failure
financial servicesmedia release (24-186MR)
23 August 2024
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.
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ASIC continues action on misleading claims to deter greenwashing misconduct
media releasemedia release (24-185MR)
23 August 2024
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.
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ASIC expands strategic priorities for coming 12 months
reports and publicationsmedia release (24-184MR)
22 August 2024
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.
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Former BBY employee sentenced for aiding and abetting
financial servicesmedia release (24-183MR)
20 August 2024
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.
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Anti-scam practices of banks outside the four major banks
financial servicesmedia release (24-182MR)
20 August 2024
ASIC today released a report into the anti-scam practices of 15 banks outside the four major banks.
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ASIC cancels licence of Libertas Financial Planning
bannings and alertsmedia release (24-181MR)
19 August 2024
ASIC has cancelled the Australian financial services licence (AFSL) of former national financial advisory business Libertas Financial Planning Pty Ltd (in liquidation).
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Online investment trading scams top ASIC’s website takedown action
financial marketsmedia release (24-180MR)
19 August 2024
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.
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Sydney labour hire services director disqualified for five years
bannings and alertsmedia release (24-179MR)
15 August 2024
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.
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ASIC disqualifies VIC director for maximum five years
bannings and alertsmedia release (24-178MR)
15 August 2024
ASIC has disqualified Richard Andrew Sparreboom of Chirnside Park, Victoria, from managing corporations for the maximum period of five years due to serious misconduct.
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ASIC sues ASX for alleged misleading statements
financial marketsmedia release (24-177MR)
14 August 2024
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.
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Stop order revoked after ASIC intervention on Rhinomed Limited Prospectus
companiesmedia release (24-176MR)
7 August 2024
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).
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ASIC reports low take up of simplified liquidations since 2021 reforms
insolvencymedia release (24-175MR)
7 August 2024
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.
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Court orders Noumi pay $5 million penalty for breaching continuous disclosure obligations
companiesmedia release (24-174MR)
5 August 2024
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.
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ASIC’s first greenwashing case results in landmark $11.3 million penalty for Mercer
superannuationmedia release (24-173MR)
2 August 2024
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.
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ASIC suspends AFS licence of Id Funds Management Limited
financial reportingmedia release (24-172MR)
31 July 2024
ASIC has suspended the Australian financial services (AFS) licence of Id Funds Management Limited (Id Funds) until 28 February 2025.
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ASIC disqualifies Sydney director Dominique Grubisa from managing corporations for 18 months
bannings and alertsmedia release (24-171MR)
31 July 2024
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.
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ASIC bans United Global Capital (in Administration) director for 10 years and cancels licence
superannuationmedia release (24-170MR)
31 July 2024
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.
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Dr Roger Munro unsuccessful in criminal appeal
financial servicesmedia release (24-169MR)
30 July 2024
The Queensland Court of Appeal has dismissed an appeal by Dr Roger Munro against his conviction on three counts of fraud.
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NSW director charged with dishonestly causing a financial disadvantage to his company
companiesmedia release (24-168MR)
30 July 2024
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).
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Melbourne accountant Stephen Allen convicted for falsifying signatures on audit documents
auditorsmedia release (24-167MR)
30 July 2024
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.
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ASIC bans NSW adviser from providing financial services for five years and cancels the AFS licence held by his business
bannings and alertsmedia release (24-166MR)
26 July 2024
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).
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EuropeFX director Pedro Sasso banned for five years
bannings and alertsmedia release (24-165MR)
25 July 2024
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.
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ASIC suspends Australian credit licence of John Adicho
creditmedia release (24-164MR)
25 July 2024
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.
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ASIC sues COFCO International Australia Pty Ltd and COFCO Resources SA for futures market manipulation
financial marketsmedia release (24-163MR)
25 July 2024
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.
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Australians can be confident in the integrity of our equity markets: ASIC report
financial marketsmedia release (24-162MR)
24 July 2024
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.
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Charges laid in alleged Telegram ‘pump and dump’ conspiracy following ASIC investigation
financial marketsmedia release (24-161MR)
23 July 2024
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.
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ASIC secures travel restraint orders against financial advisor Barry King
financial servicesmedia release (24-160MR)
22 July 2024
ASIC has secured travel restraint orders against Melbourne-based financial advisor Barry David King.
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ASIC protects small business Quarterly Update 1 April - 30 June 2024
financial advicemedia release (24-159MR)
22 July 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.
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American Express ordered to pay $8 million penalty for failing to meet its design and distribution obligations
financial servicesmedia release (24-158MR)
19 July 2024
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.
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ASIC bans former directors of XTrade.AU Pty Ltd
bannings and alertsmedia release (24-157MR)
18 July 2024
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.
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Former NSW mortgage broker Aleksandra Frizzell permanently banned following fraud convictions
bannings and alertsmedia release (24-156MR)
18 July 2024
ASIC has permanently banned former Sydney-based mortgage broker Aleksandra Frizzell following fraud convictions.
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ASIC permanently bans former financial adviser Anass Abdalla
bannings and alertsmedia release (24-155MR)
17 July 2024
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.
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Former BitConnect promoter John Bigatton convicted for providing unlicenced financial advice
financial advicemedia release (24-154MR)
15 July 2024
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.
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Big banks to refund millions in fees to low-income customers following ASIC report
reports and publicationsmedia release (24-153MR)
15 July 2024
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.
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ASIC and APRA issue final rules and information for the Financial Accountability Regime
dealing with asicmedia release (24-152MR)
11 July 2024
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).
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ASIC successful in first DDO case against Firstmac
managed investment schemesmedia release (24-151MR)
10 July 2024
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.
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ASIC cancels Australian credit licence of Accumulus Capital Pty Ltd
bannings and alertsmedia release (24-150MR)
10 July 2024
ASIC has cancelled the Australian credit licence of Accumulus Capital Pty Ltd (Accumulus).
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WA financial adviser Dash Vee permanently banned from financial services
bannings and alertsmedia release (24-149MR)
8 July 2024
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.
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AAT varies ASIC’s ban of Sydney financial adviser
bannings and alertsmedia release (24-148MR)
5 July 2024
On 27 June 2024, the Administrative Appeals Tribunal (Tribunal) varied ASIC’s decision to ban Mr Christopher Betalli from providing financial services (21-358MR).
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Court declares PayPal Australia used an unfair contract term
financial servicesmedia release (24-147MR)
5 July 2024
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.
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ASIC disqualifies former financial and insurance services industry director for five years
bannings and alertsmedia release (24-146MR)
3 July 2024
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.
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AAT amends ASIC’s permanent ban made against Todd Karamian
bannings and alertsmedia release (24-145MR)
3 July 2024
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.
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ASIC suspends AFS licence of HLK Group Pty Ltd
bannings and alertsmedia release (24-144MR)
2 July 2024
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.
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Super trustees urged to strengthen oversight of retirement strategy implementation
reports and publicationsmedia release (24-143MR)
2 July 2024
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ASIC urges AFS licensees to correct records on the Financial Advisers Register
financial advicemedia release (24-142MR)
1 July 2024
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.
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Defunct payday lender penalised $16 million over prohibited fees and deficient systems
creditmedia release (24-141MR)
28 June 2024
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ASIC suspends Airrails AFS licence
bannings and alertsmedia release (24-140MR)
28 June 2024
ASIC has suspended the Australian financial services (AFS) licence of Airrails Pty Ltd (Airrails) for three months.
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ASIC cancels licence of Guildfords Funds Management Pty Ltd
bannings and alertsmedia release (24-138MR)
28 June 2024
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.
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ASIC bans Guilford Funds Management director for four years
financial servicesmedia release (24-139MR)
28 June 2024
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.
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Court appoints independent party to verify payments made from the Shield Master Fund
superannuationmedia release (24-137MR)
27 June 2024
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).
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ASIC approves enhanced Banking Code of Practice
financial servicesmedia release (24-136MR)
27 June 2024
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.
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Federal Court freezes assets of United Global Capital and Global Capital Property Fund
financial advicemedia release (24-135MR)
26 June 2024
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).
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ASIC calls on market intermediaries to strengthen supervision of business communications
financial advicemedia release (24-134MR)
26 June 2024
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.
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ASX listed company pays two infringement notices for greenwashing in market announcements
sustainable financemedia release (24-133MR)
25 June 2024
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).
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Court finds iSignthis breached disclosure laws and Nickolas Karantzis breached his directors’ duties
bannings and alertsmedia release (24-132MR)
21 June 2024
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.
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PKF admits to contraventions concerning independent expert report engagements
takeoversmedia release (24-131MR)
20 June 2024
ASIC has accepted a court enforceable undertaking from Australian Financial Services (AFS) licensee PKF Melbourne Corporate Pty Ltd (PKF).
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MDP issues infringement notice to Ascot Securities for serious failures
financial marketsmedia release (24-130MR)
20 June 2024
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.
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Federal Court freezes assets of Shield Master Fund
financial servicesmedia release (24-129MR)
19 June 2024
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ASIC appeals Court’s decision to relieve Block Earner from liability to pay a penalty
financial marketsmedia release (24-128MR)
18 June 2024
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.
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ASIC cancels AFS licence of Sug Ou Jeung
bannings and alertsmedia release (24-127MR)
14 June 2024
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ASIC cancels licence of Haywards Audit Pty Ltd
financial servicesmedia release (24-126MR)
13 June 2024
ASIC has cancelled the Australian financial services (AFS) licence of Haywards Audit Pty Ltd (489231). The licence cancellation took effect on 7 June 2024.
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ASIC issues first crowd-sourced funding regime stop order
financial marketsmedia release (24-125MR)
13 June 2024
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.
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ASIC suspends AFS licence of Responsible Entity Services Limited
bannings and alertsmedia release (24-124MR)
13 June 2024
ASIC has suspended the Australian financial services (AFS) licence of Responsible Entity Services Limited (Responsible Entity Services) until 11 June 2025.
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ASIC cancels licence of Aussie Wealth Super Pty Ltd
insolvencymedia release (24-123MR)
6 June 2024
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ASIC cancels AFS licence of retail OTC derivative issuer XTrade.AU Pty Limited
bannings and alertsmedia release (24-122MR)
6 June 2024
ASIC has cancelled the Australian financial services (AFS) licence of retail over the counter (OTC) derivatives issuer XTrade.AU Pty Ltd (XTrade).
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Court finds Active Super made misleading ESG claims in a greenwashing action brought by ASIC
superannuationmedia release (24-121MR)
5 June 2024
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.
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ASIC issues DDO stop order against Australian Unity Funds Management
financial marketsmedia release (24-120MR)
5 June 2024
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.
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Court relieves Block Earner from liability to pay a penalty for offering unlicensed crypto-related product ‘Earner’
financial servicesmedia release (24-119MR)
4 June 2024
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5 million+ Australians have struggled to make loan and debt repayments, yet many not asking for help
reports and publicationsmedia release (24-118MR)
3 June 2024
New research shows many Australians in financial hardship are not asking their lenders for help.
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ASIC permanently bans Melbourne director from financial services and credit activities
creditmedia release (24-117MR)
30 May 2024
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Auditor and audit firm admit to independence failures
companiesmedia release (24-116MR)
29 May 2024
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ASIC suspends AFS licence of Aurora Funds Management Limited
managed investment schemesmedia release (24-115MR)
29 May 2024
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ASIC disqualifies NSW director for five years
financial servicesmedia release (24-114MR)
29 May 2024
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Former Queensland financial adviser Brett Gordon banned following fraud conviction
financial servicesmedia release (24-113MR)
28 May 2024
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.
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DanFX Trade former director Daniel Ali jailed for fraud
financial servicesmedia release (24-112MR)
27 May 2024
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.
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ASIC wins Federal Court case against Cigno Australia and BSF Solutions
creditmedia release (24-111MR)
24 May 2024
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.
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ASIC restricts Energy World Corporation Ltd from issuing a reduced-content prospectus
companiesmedia release (24-110MR)
23 May 2024
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ASIC issues DDO stop orders against Trademax Australia
financial marketsmedia release (24-109MR)
23 May 2024
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.
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ASIC bans former financial adviser for three years
financial servicesmedia release (24-108MR)
22 May 2024
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LPI Australia restates 2022 accounts following concerns raised by ASIC
companiesmedia release (24-107MR)
21 May 2024
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ASIC cancels Everest Asset Management’s AFS licence
financial servicesmedia release (24-106MR)
21 May 2024
ASIC has cancelled the Australian financial services (AFS) licence of Everest Asset Management Pty Ltd (Everest).
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ASIC disqualifies QLD director for maximum five years
companiesmedia release (24-105MR)
20 May 2024
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ASIC report: Australians need better hardship support from their lenders
reports and publicationsmedia release (24-104MR)
20 May 2024
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Former BitConnect promoter John Bigatton pleads guilty
financial marketsmedia release (24-103MR)
17 May 2024
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.
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ASIC restricts three listed companies from issuing a reduced-content prospectus
financial reportingmedia release (24-102MR)
16 May 2024
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.
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ASIC announces 30 June 2024 focus areas and expanded program to support financial reporting and audit quality
companiesmedia release (24-101MR)
15 May 2024
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.
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ASIC cancels Octillion Partners AFS licence
financial servicesmedia release (24-100MR)
14 May 2024
ASIC has cancelled the Australian financial services (AFS) licence of Octillion Partners Pty Ltd.
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ASIC permanently bans former financial adviser
financial servicesmedia release (24-099MR)
14 May 2024
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.
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AAT upholds permanent ban on former NSW based adviser
financial capabilitymedia release (24-098MR)
14 May 2024
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.
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Brett Paul Trevillian pleads guilty to making false documents
financial servicesmedia release (24-097MR)
10 May 2024
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.
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Western Australian directors convicted for failing to have director identification numbers
companiesmedia release (24-096MR)
9 May 2024
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ASIC freezes assets of Brisbane financial advisor
financial servicesmedia release (24-095MR)
9 May 2024
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).
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ASIC calls on super trustees to improve gatekeeping of member savings
reports and publicationsmedia release (24-094MR)
9 May 2024
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J.P. Morgan Securities $775,000 penalty for market gatekeeper failure
financial marketsmedia release (24-093MR)
9 May 2024
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.
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ASIC issues warning over dodgy cold calling operators and online baiting tactics
bannings and alertsmedia release (24-092MR)
7 May 2024
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.
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Henry Heng sentenced for failing to disclose interests as a company director
financial servicesmedia release (24-091MR)
3 May 2024
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.
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ASIC wins first court outcome regarding a non-cash payment facility involving crypto assets
financial servicesmedia release (24-090MR)
3 May 2024
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.’
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Financial Services Licensee sentenced for failing to lodge annual financial reports
financial reportingmedia release (24-089MR)
1 May 2024
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ASIC protects small business by disqualifying four directors for failures relating to the management of small proprietary companies
financial servicesmedia release (24-088MR)
1 May 2024
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.
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ASIC sues Magnis and Frank Poullas over disclosure failures
financial marketsmedia release (24-087MR)
30 April 2024
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Southern Steel Group Pty Limited re-lodges FY23 financial report with comparatives
companiesmedia release (24-086MR)
26 April 2024
Southern Steel Group Pty Limited (Southern Steel) has re-lodged its financial report for the year ended 30 June 2023 after ASIC’s inquiries.
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NSW financial adviser Adele Baaini permanently banned from credit and financial services industries
financial servicesmedia release (24-085MR)
26 April 2024
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.
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ASIC orders end to Centrepay credit arrangements in Urban Rampage stores
creditmedia release (24-084MR)
26 April 2024
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Former Victorian director charged with breaching his director duties and making false statements to ASIC
financial servicesmedia release (24-083MR)
22 April 2024
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Henry Eng Chye Heng sentenced to 18 months’ imprisonment for misleading share trading
financial marketsmedia release (24-082MR)
22 April 2024
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ASIC cancels AFS licence of JB Markets
financial marketsmedia release (24-081MR)
22 April 2024
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Macquarie Bank to pay $10 million for failure to properly monitor system for third-party fee withdrawals from customer accounts
financial servicesmedia release (24-080MR)
19 April 2024
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.
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ASIC appeals Federal Court findings relating to unfair contract term in insurance contracts by Auto & General
financial servicesmedia release (24-079MR)
19 April 2024
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.
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ASIC disqualifies QLD construction director for 5 years
financial servicesmedia release (24-078MR)
18 April 2024
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ASIC insolvency data shows increase in companies failing
insolvencymedia release (24-077MR)
18 April 2024
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.
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Adam Blumenthal ordered to pay $850,000 and disqualified for five years for market rigging and directors’ duties breaches
financial marketsmedia release (24-076MR)
17 April 2024
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.
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Changes to the Executive Leadership Team
dealing with asicmedia release (24-075MR)
15 April 2024
The Australian Securities and Investments Commission today confirmed a number of changes to its senior executive leadership team.
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Court finds Sunshine Loans charged customers prohibited fees
financial servicesmedia release (24-074MR)
12 April 2024
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.
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ASIC obtains Federal Court orders appointing receivers over digital currency assets of blockchain mining companies
financial servicesmedia release (24-073MR)
12 April 2024
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.
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ASIC consults on misconduct reporting guidance for external administrators and controllers
insolvencymedia release (24-072MR)
11 April 2024
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.
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ASIC action results in $1.25 million Court imposed penalty against AFSL 'licensee for hire' firm
financial servicesmedia release (24-071MR)
11 April 2024
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.
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Federal Court winds up retail OTC derivative issuer Prospero Markets Pty Ltd
financial servicesmedia release (24-070MR)
11 April 2024
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.
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AAT reinstates Cameron Lindsay Duncan’s liquidator registration with conditions
financial servicesmedia release (24-069MR)
10 April 2024
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.
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ASIC appeals Finder Wallet decision
financial servicesmedia release (24-068MR)
10 April 2024
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’.
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James Mawhinney arrested and charged following ASIC criminal investigation
financial servicesmedia release (24-067MR)
9 April 2024
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.
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Head of audit at William Buck Victoria pays $20,625 penalty for audit rotation issues
financial servicesmedia release (24-066MR)
5 April 2024
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.
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ASIC cancels licence of Menon & Associates Pty Ltd
financial servicesmedia release (24-065MR)
3 April 2024
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Former Sydney financial adviser charged with dishonest conduct
financial servicesmedia release (24-064MR)
2 April 2024
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.
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Federal Court throws out application to prevent ASIC investigation
financial servicesmedia release (24-063MR)
2 April 2024
The Federal Court has dismissed an application by Provide Nominees Pty Ltd (Provide Capital) to prevent ASIC’s further investigation of the entity.
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Janet Cameron convicted and fined in Hobart Magistrates Court
financial servicesmedia release (24-062MR)
28 March 2024
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.
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ASIC wins first greenwashing civil penalty action against Vanguard
financial servicesmedia release (24-061MR)
28 March 2024
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.
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ASIC cancels AFS Licence of Crown Wealth Group
financial servicesmedia release (24-060MR)
28 March 2024
ASIC has cancelled the Australian financial services licence of Crown Wealth Group Pty Ltd (Crown Wealth) after it was placed into voluntary administration.
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Cameron Waugh sentenced to two years imprisonment for insider trading
financial marketsmedia release (24-059MR)
27 March 2024
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.
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ASIC brings first action against a director for failing to have a director identification number
financial servicesmedia release (24-058MR)
25 March 2024
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Federal Court finds Auto & General Insurance Company did not include an unfair contract term in its insurance contracts
financial servicesmedia release (24-057MR)
22 March 2024
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.
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ASIC secures travel restraint orders against Mansa Group directors
financial servicesmedia release (24-056MR)
22 March 2024
ASIC secured travel restraint orders against current and former directors within the Mansa Group, Krishnakumar Sitaram Agrawal and Shashikumari Krishnakumar Agrawal.
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Managing Director of Dubber Corporation restrained from leaving Australia
financial servicesmedia release (24-055MR)
22 March 2024
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.
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ASIC bans Panacea Capital director from providing financial services
financial servicesmedia release (24-054MR)
21 March 2024
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Holista Colltech to pay $1.8 million penalty for breaching continuous disclosure obligations over the sale of its COVID product
covidmedia release (24-053MR)
20 March 2024
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.
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Financial Adviser and director Shane Allan Rose permanently banned
financial servicesmedia release (24-052MR)
20 March 2024
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.
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Data#3 announces change to accounting policy for indirect software revenue recognition following ASIC review
financial reportingmedia release (24-051MR)
20 March 2024
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.
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Third person pleads guilty in relation to Courtenay House Ponzi scheme
financial servicesmedia release (24-050MR)
20 March 2024
David Sipina of Croydon NSW has pleaded guilty to two criminal charges relating to his role at the Courtenay House group of companies.
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Former Continental Coal Company Secretary sentenced
financial servicesmedia release (24-049MR)
19 March 2024
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.
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ASIC cancels AFS licence of Endeavour Securities (Australia) Ltd
financial servicesmedia release (24-048MR)
19 March 2024
ASIC has cancelled the Australian financial services licence of Endeavour Securities (Australia) Ltd (In Liquidation).
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ASIC successfully defends Full Federal Court appeal lodged by Provide Capital
financial servicesmedia release (24-047MR)
18 March 2024
The Full Federal Court has dismissed an appeal by Provide Nominees Pty Ltd, trading as Provide Capital.
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ASIC cancels AFS licence of Suetonius Wealth Management Pty Limited
financial servicesmedia release (24-046MR)
15 March 2024
On 11 March 2024, ASIC cancelled the Australian Financial Services (AFS) licence of Sydney based financial services provider, Suetonius Wealth Management Pty Limited (Suetonius).
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Federal Court finds Finder Earn product was not a financial product
financial servicesmedia release (24-045MR)
14 March 2024
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ASIC and APRA release a cross-industry information package on the Financial Accountability Regime
reports and publicationsmedia release (24-044MR)
14 March 2024
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).
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ASIC acts against 15 SMSF auditors performing in-house audits
auditorsmedia release (24-043MR)
14 March 2024
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.
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Members’ voluntary liquidator sentenced for dishonestly using his position to withdraw company funds
financial servicesmedia release (24-042MR)
8 March 2024
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ASIC disqualifies former ASX listed Merlin Diamonds director Joseph Gutnick for four years
financial servicesmedia release (24-041MR)
8 March 2024
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.
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ASIC and APRA issue final rules and further guidance for the Financial Accountability Regime
reports and publicationsmedia release (24-040MR)
8 March 2024
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).
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ASX pays $1,050,000 penalty for order information transparency failure
financial marketsmedia release (24-039MR)
7 March 2024
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.
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ASIC succeeds in conflicted remuneration case against financial advice licensee
financial servicesmedia release (24-038MR)
4 March 2024
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.
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ASIC shuts down nearly 3,500 scam websites, steps up surveillances in push to protect consumers
reports and publicationsmedia release (24-037MR)
4 March 2024
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.
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It’s a scam! Celebrities are not getting rich from online investment trading platforms
bannings and alertsmedia release (24-036MR)
1 March 2024
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.
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ASIC disqualifies NSW director for maximum five years after failure of seven companies
companiesmedia release (24-035MR)
1 March 2024
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:
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ASIC seeks orders to wind up Prospero Markets Pty Ltd
financial marketsmedia release (24-034MR)
1 March 2024
ASIC has applied to the Federal Court to wind up retail OTC derivative issuer Prospero Markets Pty Ltd (Prospero) on just and equitable grounds.
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ASIC successfully appeals ACBF and Youpla misrepresentations case
financial servicesmedia release (24-033MR)
29 February 2024
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.
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ASIC issues Urban Rampage with interim stop order over concerns of financial harm to First Nations consumers
financial servicesmedia release (24-031MR)
29 February 2024
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ASIC obtains bankruptcy orders against social media finfluencer Tyson Scholz
insolvencymedia release (24-032MR)
29 February 2024
ASIC has successfully sought sequestration orders in the Federal Court of Australia against social media finfluencer Tyson Robert Scholz.
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ASIC secures interim travel restraint orders against former Blockchain Global director
companiesmedia release (24-030MR)
28 February 2024
ASIC has secured interim travel restraint orders against former Blockchain Global Limited (in liquidation) director Liang Guo, also known as Allan Guo.
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ASIC issues infringement notice to Melbourne Securities for greenwashing
financial servicesmedia release (24-029MR)
28 February 2024
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).
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ASIC cancels AFS licence of NextGen Financial Group Pty Ltd
insolvencymedia release (24-028MR)
27 February 2024
ASIC has cancelled the Australian financial services (AFS) licence of NextGen Financial Group Pty Ltd (NextGen Financial Group) effective from 23 February 2024.
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ASIC accepts court enforceable undertaking from former Melbourne financial adviser
superannuationmedia release (24-027MR)
21 February 2024
ASIC has accepted a court-enforceable undertaking from former financial adviser, Shivdeep Jaidka, from Melbourne, Victoria.
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ASIC calls on industry to improve oversight of Choice super performance and address issues
reports and publicationsmedia release (24-026MR)
21 February 2024
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.
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ASIC cancels AFS licence of Valorton Capital Pty Ltd
financial servicesmedia release (24-025MR)
19 February 2024
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ASIC sues David Paul Hodgson and companies associated with the Paladin Group
companiesmedia release (24-024MR)
15 February 2024
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New Moneysmart data reveals young women more stressed than young men about finances, cost of living
financial capabilitymedia release (24-023MR)
15 February 2024
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.
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Former director of Reiwa-Capital pleads guilty to using investor funds dishonestly
financial servicesmedia release (24-022MR)
13 February 2024
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.
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ASIC permanently bans Yanchep financial adviser
financial servicesmedia release (24-021MR)
13 February 2024
ASIC has made two orders permanently banning Yanchep-based financial adviser Mark Raymond Sebo following his convictions of fraud.
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AFSL held by Brava Capital cancelled
financial servicesmedia release (24-020MR)
9 February 2024
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.
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Court finds Block Earner needed financial services licence to offer Earner crypto product
technologymedia release (24-019MR)
9 February 2024
The Federal Court has found fintech company Block Earner engaged in unlicensed financial services conduct when offering its crypto-backed Earner product.
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ASIC halts offers of Shield Master Fund
financial servicesmedia release (24-018MR)
7 February 2024
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).
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Federal Court orders Brite Advisors wound up on just and equitable grounds
financial servicesmedia release (24-017MR)
7 February 2024
The Federal Court has ordered Brite Advisors Pty Ltd (Brite) be wound up on just and equitable grounds following an application by ASIC.
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ASIC announces action against nine SMSF auditors
superannuationmedia release (24-016MR)
7 February 2024
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.
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Charges laid following ASIC’s investigation into suspected self-managed super investment scam
superannuationmedia release (24-015MR)
6 February 2024
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.
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Aryn Hala charged with providing unlicensed financial services
financial servicesmedia release (24-014MR)
6 February 2024
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.
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Former Ralan Group managing director sentenced to four years in prison
financial servicesmedia release (24-013MR)
2 February 2024
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ASIC accepts court enforceable undertaking from buy now, pay later provider Elepay
creditmedia release (24-012MR)
2 February 2024
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Court declares Westpac engaged in unconscionable conduct for interest rate swap, maximum penalty applied
financial servicesmedia release (24-011MR)
31 January 2024
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.
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ASIC seeks contempt of court orders against Joshua David Fuoco
financial servicesmedia release (24-010MR)
25 January 2024
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.
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West Australian man Cameron Waugh pleads guilty to insider trading
financial marketsmedia release (24-009MR)
24 January 2024
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.
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Former Continental Coal Company Secretary pleads guilty
financial marketsmedia release (24-008MR)
24 January 2024
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ASIC cancels AFS licence
financial servicesmedia release (24-007MR)
23 January 2024
ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider Indie Advice Pty Ltd (Indie Advice).
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Penta Capital to pay $53,280 over allegedly misleading statements
financial servicesmedia release (24-006MR)
22 January 2024
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.
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ME Bank sentenced after pleading guilty to criminal charges
financial servicesmedia release (24-005MR)
19 January 2024
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Liquidator disciplinary committee imposes conditions on registration of Steven Naidenov
insolvencymedia release (24-004MR)
17 January 2024
On 21 December 2023, a liquidator disciplinary committee (the Committee) decided that conditions should be imposed on Steven Naidenov, a registered liquidator.
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ASIC disqualifies two more Canberra property developers
companiesmedia release (24-003MR)
12 January 2024
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Federal Court hands down $390,000 in directors’ duties penalties
financial servicesmedia release (24-002MR)
10 January 2024
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ASIC extends product intervention orders for short term credit and continuing credit contracts
creditmedia release (24-001MR)
5 January 2024
ASIC has extended its product intervention orders made in relation to short term credit and continuing credit contracts so that the orders remain in force until they are revoked or they sunset on 1 October 2032.