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ASIC wins orders freezing assets of Keystone Asset Management fund
ASIC 2024-06-19 11:47 pm By Andy Sidler

ASIC has secured freezing orders over the assets of an investment fund managed by Keystone Asset Management, with a court also ordering a Keystone director to surrender his passport amid an investigation by the corporate regulator. 

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ASIC says judge erred in assessing Gilbert + Tobin’s advice to crypto provider
Cryptocurrency 2024-06-18 3:36 pm By Sam Matthews

ASIC has wasted no time in appealing a judge’s decision to excuse cryptocurrency product provider Block Earner from paying a civil penalty on the basis that it took advice from a leading law firm that was not seen by the court. 

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MinterEllison advice in spotlight in ASIC case against Dixon Advisory director
Trials 2024-06-17 11:09 pm By Cindy Cameronne

Trial in ASIC’s action accusing former Dixon Advisory director Paul Ryan of breaching his duties began Monday, a case that puts the spotlight on legal advice over a deed that affected the wealth management firm’s capacity to recoup a $19 million debt on the eve of its collapse.

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Paladin Group director entitled to rely on penalty privilege in ASIC case, court told
Financial Services 2024-06-17 1:35 pm By Sam Matthews

A director of two Paladin Group units is entitled to rely on the privilege against self-exposure to penalty in defending a case brought by the Australian Securities and Investments Commission, a court has heard.

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Payday lenders Cigno, BSF appeal loss in ASIC case
Appeals 2024-06-12 2:58 pm By Christine Caulfield

Payday lenders Cigno and BSF Solutions have appealed a decision that found they provided credit without a licence, and rejected the claim that their loan model is analogous to buy now, pay later arrangements that don’t require a licence.

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High Court won’t take up Clive Palmer’s challenge to criminal charges
High Court 2024-06-06 11:37 pm By Cat Fredenburgh

The High Court will not hear mining magnate Clive Palmer’s challenge to a court’s finding that lawsuits he brought challenging two criminal cases against him over a takeover bid and alleged payments to his political party were an abuse of process and should be stayed.

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ASIC scores third straight win in greenwashing cases
Greenwashing 2024-06-05 9:55 pm By Sam Matthews

The corporate regulator is on a winning streak in its greenwashing cases, with a judge rejecting Active Super’s attempt to qualify its “unequivocal” statements about limiting its investment in companies connected to gambling and coal mining.

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Clive Palmer sues former ASIC chair James Shipton
ASIC 2024-06-05 11:35 pm By Andy Sidler

Litigation hobbyist Clive Palmer has filed proceedings against former Australian Securities and Investments Commission chair James Shipton, alleging he acted in bad faith and beyond his power in the regulator’s pursuit of claims against him.

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Crypto provider spared penalty in ASIC case because it took advice from leading law firm
Cryptocurrency 2024-06-04 3:12 pm By Cindy Cameronne

A judge has excused cryptocurrency product provider Block Earner from paying a penalty in a case brought by ASIC, despite finding it provided a financial product without a licence, because it obtained legal advice and genuinely believed it was not breaching the law.

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Privilege ruling in Noumi case could hamper ASIC investigations, regulator says
Appeals 2024-05-30 2:47 pm By Cindy Cameronne

ASIC has argued a recent ruling that found Noumi waived privilege over a PwC report by providing it to the regulator could dissuade people from voluntarily disclosing information during investigations and cause a “loss of public benefit” if allowed to stand. 

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