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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.
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.
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.
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.
Construction PRO
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.
ANZ is facing a lawsuit by former CEO Shayne Elliott alleging the bank breached the terms of a contract governing his departure when it denied him $13.5 million in bonus payments.
AMP has agreed to pay $29 million to settle a class action alleging insurance customers were overcharged, putting to rest another case stemming from "serious misconduct" that came to light curing the 2018 banking royal commission.