Insurance Australia has agreed to pay a $40 million penalty in a case by the Australian Securities and Investments Commission alleging it short-changed NRMA customers a staggering $60 million in promised loyalty discounts.
A court has appointed a referee to examine whether a law firm’s communications with Golden Financial furthered a plan by the financial advisory firm to divert assets to minimise a penalty sought by the corporate regulator in the first case alleging a breach of the so-called best interest duty.
A former Courtenay House contractor and investment promoter is the latest to be sentenced to a term of imprisonment over an alleged $180 million Ponzi scheme, for which he netted $670,000 in commissions.
The parents and receivers for accused Sydney fraudster Melissa Caddick have reached a deal over a multi-million dollar property in Sydney’s East, but the compromise remains to be blessed by out-of-pocket investors.
A Melbourne investor who posted in an online forum that a pump and dump scheme was all part of the “fun and games and cat and mouse of the stock market” has been sentenced to two and half years imprisonment for market manipulation.
Wealth management firm Ord Minnett has paid an $888,000 penalty for twice breaching market integrity rules in executing a share buy-back with “pre-arranged” trades.
A shareholder class action against software company Nuix will go ahead as planned, after a stay application threatened to put the proceeding on ice pending the outcome of a separate case brought by ASIC.
The Australian Securities and Investments Commission has gone after a superannuation fund over a Facebook post that allegedly overstated the fund’s positive environmental impact.
MLC has agreed to cop a $10 million penalty for admitted breaches of the Corporations Act in an ASIC case that alleged the insurer failed to promptly update medical terms in policies and withheld payment of a life insurance benefit.
The parents of Sydney fraudster Melissa Caddick will seek an inquiry into whether receivers of her property have acted faithfully in managing the assets.