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Judge throws out ASIC evidence on tweets in ASX Wolf Trader’s case
ASIC 2022-10-05 4:48 pm By Cindy Cameronne

The self-declared “wolf trader” of the Gold Coast, Tyson Scholz, has won his bid to exclude ASIC’s evidence about the meaning of his tweets in its case accusing him of providing unlicensed financial services.

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Humm points finger at Forum Finance in SMBC’s $34M lawsuit
White Collar 2022-10-04 11:40 pm By Cindy Cameronne

Fintech Humm has admitted to making “misrepresentations” to Japanese bank SMBC over allegedly worthless receivables linked to Forum Finance but has denied it was negligent, claiming a Forum Group unit should share the burden of paying any damages in the $33.6 million lawsuit.

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KordaMentha launches financial crime service with new acquisition
Business of Law 2022-10-04 3:31 am By Cindy Cameronne

Responding to increasing crackdowns on anti-money laundering and counter terrorism breaches, Melbourne consulting firm KordaMentha has merged with Australian advisory firm Murray Waldren Consulting to form a new financial crimes service. The partnership comes off the back of damning reports by gaming regulators in NSW and Victoria into major casinos Star Entertainment and Crown Resorts.…

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Judge rejects A One Multi receiver’s request for future remuneration
Restructuring & Insolvency 2022-09-20 1:02 pm By Cindy Cameronne

Two receivers for unlicensed investment scheme A One Multi Services have lost their bid to have 85 per cent of their future remuneration paid out immediately, with a judge agreeing with the corporate regulator that the receivers should not have “what are in effect trust funds”.

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Alkaloids export manager should face prison for cartel conduct, court told
Competition & Consumer Protection 2022-09-16 11:12 pm By Cindy Cameronne

The federal prosecutor has argued that the former export manager of pharmaceutical ingredient producer Alkaloids of Australia should serve prison time after pleading guilty to cartel conduct over the supply of a key chemical in generic stomach cramp drugs.

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Ex-Orix boss drops fight over set-off defence
Employment 2022-09-16 11:52 pm By Christine Caulfield

The sacked CEO of Orix Australia has abandoned his challenge to a ruling allowing a set-off defence for the fleet management company in his case for unpaid leave entitlements and penalties.

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Star engaged in ‘inherently deceptive’ practices, unsuitable to hold casino licence: report
Gaming 2022-09-13 4:21 pm By Cindy Cameronne

The NSW gaming regulator has found Star Entertainment is unfit to hold a casino licence and has threatened disciplinary action after uncovering anti-money laundering breaches and “inherently deceptive” misconduct.

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Cartel case dropped against director of money transfer biz
Competition & Consumer Protection 2022-09-08 11:05 am By Sam Matthews

The director of a money transfer business accused of fixing foreign exchange rates has been let off the hook after four other people associated with the business entered guilty pleas to six charges of criminal cartel conduct. 

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Drug ingredient maker Alkaloids faces $30M penalty for ‘actively policing’ cartel
Competition & Consumer Protection 2022-09-05 11:32 pm By Cindy Cameronne

Pharmaceutical ingredient producer Alkaloids of Australia is facing a maximum $30 million penalty but has argued it should pay less than $1 million after pleading guilty to cartel conduct over the supply of a key chemical found in generic stomach cramp drugs.

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iSignthis auditor Grant Thornton hit with criminal charges
Accounting 2022-09-01 11:23 pm By Sam Matthews

Grant Thornton and former director Bradley Taylor appeared in court Thursday, facing charges of failing to ensure the 2018 audit of fintech firm iSignthis was conducted in accordance with auditing standards.

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