Wilsons Advisory and Stockbroking has paid a $548,328 penalty after the Australian Securities and Investments Commission found its reported Trade With Price Improvement products did not offer price improvement.
Personal lender ClearLoans and its parent company have agreed to pay penalties of just over $6 million to settle the first COVID-19 related case brought by the Australian Securities and Investments Commission.
Arguing the interests of the self-represented applicant and group members are in conflict, Meta and Google are urging a court to shut down a class action accusing the digital giants of breaching competition law by banning cryptocurrency ads on their platforms.
A PricewaterhouseCoopers partner has hit back at a lawsuit over her alleged involvement in a $3.3 million scheme to defraud her husband’s employer, saying she believed payments into her account were made under a personal loan brokered by her husband from a “wealthy friend” in China.
The son of the lawyer behind the Banksia Securities class action has effectively abandoned his appeal of a court judgment that found he knowingly and actively assisted his father in a fraudulent scheme to pocket almost $20 million in inflated fees and commission.
Stock broker Fortrend Securities has filed a suit alleging wealth manager Shaw & Partners sent unsolicited welcome letters to clients as part of a scheme involving two former advisors.
Japanese bank SMBC has foreshadowed an application to add claims against Humm Group after the fintech’s subsidiary allegedly misled the bank about receivables under contracts forged by a Forum Group entity.
Melbourne stockbroker Bradley Grimm has pleaded guilty to charges of dishonesty following an investigation alleging Grimm — whose wife is a former ASIC employee — fleeced funds from clients.
Two home finance companies and their father-son directors have been hit with $150,000 in penalties after a judge found they failed to cooperate with the Australian Financial Complaints Authority in an ASIC enforcement action and subjected AFCA staff to “inappropriate and unprofessional behaviour.”
Thomson Geer has lured a long-standing partner from Adelaide firm Finlaysons to lead its banking and finance team after its former banking head partner decided to end his 40-year stint with the firm.