Financial firms who are members of the Australian Financial Complaints Authority (AFCA) must notify ASIC of their AFCA membership by Friday 30 November 2018. Licensees who fail to do so will be in breach of their licence conditions and will face fees for late notification. More than half of AFCA’s 37,000 members are yet to …
Mr Andrew Law, of Biggera Waters, Queensland, has been convicted by the Southport Magistrates Court for making false or misleading statements in documents submitted to ASIC. Mr Law has been fined $3,000. On 19 November 2018, Mr Law pleaded guilty to three counts of knowingly making false or misleading statements in documents submitted in support …
ASIC has today reported on its latest review of the impact of high-frequency trading in the Australian equity and Australian-US dollar cross-rate markets. The review builds on ASIC’s 2013 and 2015 analysis of high-frequency trading. Notable findings from the review, outlined in Report 597 High-frequency trading in Australian equities and the Australian–US dollar cross rate …
The Federal Court of Australia today ordered Westpac Banking Corporation (Westpac) pay a pecuniary penalty of $3.3 million for contravening s12CC of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) through its involvement in setting BBSW in 2010. In reasons for making the pecuniary penalty order, Justice Beach noted the legislative constraint …
Court orders penalties and other relief against Westpac for BBSW conduct Read More »
A Melbourne-based financial services and credit business has been ordered by the Federal Court to pay penalties of $8,980,000 in total after it engaged in numerous contraventions of financial services, credit and consumer protection laws. Financial Circle offered personal loans to consumers of up to $5,000 that could only be obtained if the consumer agreed …
Former financial adviser and accountant, Satvir Singh Birk, of Reedy Creek, was today sentenced in the Southport District Court to two and a half years imprisonment, following an ASIC investigation. On 25 May 2018, Mr Birk, aged 42, pleaded guilty to five counts of dishonestly using his position as director of The Carter Group with …
Former Gold Coast financial advisor jailed after dishonestly using his position Read More »
Mr Samuel Tessa of Elwood, Victoria, has been committed to stand trial on five counts of dishonestly obtaining a financial advantage by deception. This follows a contested committal hearing in the Melbourne Magistrates’ Court that concluded on 18 October 2018. It is alleged that Mr Tessa dishonestly obtained money from individuals or businesses on the …
Victorian man to stand trial on charges of obtaining financial advantage by deception Read More »
More than 35,000 financial firms required to join the Australian Financial Complaints Authority (AFCA) have now joined the scheme. There are more than 300 licensed financial firms who are still to join, and most of these are credit licensees who were previously members of the Credit and Investments Ombudsman. A number of credit representatives who …
ASIC has assisted employees gain access to the Fair Entitlements Guarantee scheme (FEG) by exercising its wind-up powers and appointing liquidators to 17 abandoned companies in the 12-month period ending 30 September 2018. Because ASIC appointed the liquidators, employees of these 17 companies can now apply to recover owed unpaid employee entitlements. The 17 abandoned …
ASIC winds up 17 abandoned companies owing more than $570,000 in employee entitlements Read More »
The Federal Court has ordered Mr Eustace Senese (Eustace Senese), his son Mr Cameron Senese (Cameron Senese) and associated company, Transcomm Global Pty Ltd (Transcomm) to pay penalties totalling $60,000 following findings of contempt of court on an application brought by ASIC. On 11 October 2018, the Court considered the penalties proposed in an agreed …
Federal Court orders $60,000 in penalties for contempt of court Read More »
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