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Vanguard hit with record $12.9M penalty in ASIC greenwashing case
Securities 2024-09-25 10:45 am By Sam Matthews

Vanguard Investments has been ordered to pay a penalty of almost $13 million for misleading the public about its $1 billion “ethically conscious” hedge fund.

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Macquarie Bank fined almost $5M for market gatekeeper failures
Financial Services 2024-09-25 1:19 pm By Sam Matthews

Macquarie Bank has been fined a record $4.995 million for failing to stop the placement of suspicious orders on the electricity futures market.

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Ex-Linchpin director loses appeal of $150,000 penalty
Appeals 2024-09-24 2:17 pm By Cindy Cameronne

The director of collapsed investment firm Linchpin Capital has lost his challenge to a $150,000 penalty, with an appeals court dismissing his arguments as “carping criticism”.

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REST’s reliance on law firms’ advice a winning defence in ASIC case
Financial Services 2024-09-18 11:22 pm By Sam Matthews

A judge has tossed ASIC’s case against REST over alleged misleading representations, finding the representations were statements of opinion reasonably held based on the advice of lawyers.

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Former JPMorgan trader pleads guilty to fraud charges
Financial Services 2024-09-16 3:49 pm By Cat Fredenburgh

A former JPMorgan executive has pleaded guilty to fraud for allegedly misappropriating nearly $1 million from clients of his defunct companies.

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Real estate ‘mogul’ Sasha Hopkins to cop $1.25M penalty in ASIC case
ASIC 2024-09-13 11:45 pm By Cindy Cameronne

Self-described property ‘mogul’ Sasha Hopkins has agreed to pay a $1.25 million fine and face a four-year disqualification in proceedings by the corporate regulator.

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ASIC’s former deputy chair Karen Chester cleared by corruption watchdog
Public Corruption 2024-09-12 10:03 pm By Andy Sidler

The corruption watchdog has issued a statement in response to reports suggesting ex-ASIC official Karen Chester faced an investigation, saying the deputy chair was never the subject of a probe.

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Deloitte appointed administrators of Keystone despite ‘baggage’
Financial Services 2024-09-05 11:24 pm By Cindy Cameronne

A judge has ruled that two Deloitte partners can act as administrators for embattled wealth manager Keystone, replacing two voluntary administrators from KordaMentha, despite an alleged risk of conflict due to past work for the company.

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In win for ASIC, court finds rent-to-own leases were credit agreements
Competition & Consumer Protection 2024-09-04 11:16 pm By Andy Sidler

A court has held that a “nuanced” business model used by a rental company providing long-term leases to often vulnerable consumer for household items breached the Credit Act, finding the loan agreements were in substance credit contracts. Federal Court Justice Lisa Hespe found on Wednesday that Rent4Keeps attempted to avoid being caught by the Credit…

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ASIC says Paladin director can’t rely on penalty privilege
ASIC 2024-09-04 11:06 pm By Sam Matthews

The Australian Securities and Investments Commission has argued the relief sought in proceedings against the director of two Paladin Group units does not constitute a penalty, as it challenges his reliance on the privilege against self-exposure to penalty.

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