ASIC

Sydney-based online broker International Capital Markets is facing a class action by inexperienced investors who allegedly lost $500 million in trading risky contracts for difference.

A judge has ordered wealth manager Mercer Financial Advice to pay a $12 million penalty for “extremely serious” fees-for-no-service conduct and breaches of its fee disclosure obligations, in a case brought by the Australian Securities and Investments Commission. In the case, filed in June last year,  ASIC alleged that Mercer charged 761 customers a total…

ASIC has escaped an individual insolvency practitioner’s bid for indemnity costs in its failed case alleging illegal phoenix activity, with a judge finding the regulator did not unreasonably reject a settlement offer that would have netted it “a considerably better result” than it won at trial.

Nuix had information in January 2021 which undermined the growth story presented to the market in the prospectus for its IPO, a court has heard on the first day of ASIC’s case against the tech company and a handful of former directors.

The Australian Securities and Investments Commission has lost its bid to temporarily restrain payday lenders Cigno and BSF Solutions from enforcing loan fees against 7,000 customers, with a judge finding an injunction could destroy their businesses.

Superannuation fund trustee H.E.S.T Australia has paid a $48,600 fine after being slapped with three infringement notices by the corporate regulator over alleged misleading statements in Facebook and Instagram ads.

AustralianSuper has admitted that it contravened superannuation regulations when it failed to merge the accounts of members who had multiple accounts, but says it has remediated affected customers more than $69 million.

The Australian Securities and Investments Commission has filed its first-ever case over internal dispute resolution regulations, targeting Telstra Super over its handling of customer complaints.

The former managing director of property developer Ralan Group could face up to 60 years in prison after pleading guilty to six fraud offences over loans the defunct corporate group took out to fund several projects in Sydney. 

Trial in a defamation suit by Mayfair 101 founder James Mawhinney over a media release issued by ASIC has been pushed off until the outcome of the regulator’s second go against the investment spruiker.