A judge has ordered Australian Unity to pay a $7.1 million penalty in ASIC proceedings alleging it pumped more than $9.5 million into a risky mortgage scheme without properly vetting investors.
Binance has agreed to a $10 million penalty in ASIC’s case alleging the defunct crypto firm misclassified retail customers as eligible to invest in risky derivatives, but a judge wants more details before approving the deal.
Fresh off being sued by ASIC for investing $300 million into Falcon Capital’s failed First Guardian Master Fund, super trustee Diversa has been hit with additional licence conditions by the prudential regulator.
A MWL financial adviser has been banned for seven years for advising clients to invest most of their super into Keystone’s Shield Master Fund, which is suspected of misusing $480 million in investor funds.
A judge has ordered ANZ to pay $250 million in penalties in four cases by ASIC – $10 million more than the bank had agreed to pay – saying ANZ had “substantially deceived” the government by overstating bond trading volumes.
Macquarie Securities has agreed to pay a $35 million penalty in a civil suit brought by the Australian Securities and Investments Commission alleging systemic misreporting of short sales over a 14-year period.
AUSTRAC has launched an investigation into Bendigo and Adelaide Bank’s compliance with anti-money laundering laws, as APRA directs the bank to hold a capital add-on of $50 million.
Super trustee Netwealth has agreed to return over $100 million to members who invested their retirement savings in the First Guardian Master Fund, in the latest action by the corporate regulator over the failed fund.
The liquidators of Falcon Capital, which is suspected of having misused $450 million in investor funds, have sued a Melbourne property developer, claiming he knowingly assisted Falcon to loan millions in trust money in a “dishonest and fraudulent design”.
Fresh off a record settlement for the Robodebt scandal, the government is facing a new class action over a law that retroactively allowed it to impose card payment surcharges, which the suit says amounts to unjust enrichment.