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 »
An ongoing ASIC investigation has resulted in the permanent banning of former National Australia Bank (NAB) branch manager Mathew Alwan from engaging in credit activities and providing financial services. The ban is the result of an extensive ASIC investigation in respect of NAB employees in greater western Sydney who were accepting false documents in support …
ASIC permanently bans another former NAB branch manager Read More »
ASIC has released its Corporate Plan for 2018-19 to 2021-22 and small business continues to be an important stakeholder for ASIC, reflected in the plan’s action items for 2018-19. ASIC Commissioner John Price said, ‘As Australia’s regulator for companies, financial markets and providers of financial services and consumer credit, ASIC works to help small business …
In a report released today, ASIC has identified serious, unacceptable delays in the time taken to identify, report and correct significant breaches of the law among Australia’s most important financial institutions. The report REP 594 Review of selected financial services groups’ compliance with the breach reporting obligation examined the breach reporting processes of 12 financial …
ASIC has taken action to stop several proposed initial coin offerings or token-generation events (together, ICOs), targeting retail investors. As well, ASIC recently stopped the issue of a Product Disclosure Statement for a crypto-asset managed investment scheme. Consistent problems identified by ASIC are: the use of misleading or deceptive statements in sales and marketing materials; …
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