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Receivers get court OK to sell Melissa Caddickā€™s Dover Heights mansion
Financial Services 2022-07-25 1:24 pm By Cindy Cameronne

A judge has allowed receivers to sell the Dover Heights mansion of Sydney fraudster Melissa Caddick without any distribution of proceeds, saying the sale ā€œshould take place post-hasteā€.

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ASIC can pursue defunct funeral insurer in case of ‘clear public interest’
Insurance 2022-07-25 3:30 pm By Cindy Cameronne

A judge has given ASIC the green light to continue proceedings against a defunct funeral insurer which allegedly misled Aboriginal customers about being Indigenous-owned and claims that its products were specifically beneficial for First Nations people.

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ASIC loses bid for early punishment against Select AFSL
Competition & Consumer Protection 2022-07-22 10:07 pm By Cindy Cameronne

A judge has shot down ASIC’s bid for declarations against life insurer Select AFSL before a penalty hearing after finding that the insurer acted unconscionably when selling insurance over the phone.

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Alleged Ponzi schemer Chris Marco charged with 50 fraud counts
White Collar 2022-07-20 9:27 am By Cindy Cameronne

Accused Ponzi schemer Chris Marco has been hit with criminal charges after an investigation by the Australian Securities and Investments Commission found he defrauded $36.5 million from nine investors.

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ClearLoans settles ASIC’s first COVID-19 case against lender
COVID-19 2022-07-18 4:35 pm By Cindy Cameronne

The sole director of personal lender ClearLoans has agreed to settle the first case the Australian Securities and Investments Commission brought related to the COVID-19 pandemic.

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Online trader shut down following ASIC probe into ‘concerning consumer losses’
Financial Services 2022-07-14 9:58 pm By Sam Matthews

Online trading platform Trade360 will close shop at the end of the month, following an ASIC investigation that found its representatives at an offshore call centre provided personal advice to clients which the company was not licensed to give.

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Griffin Coal convicted of violating financial reporting obligations
Energy & Natural Resources 2022-07-13 11:12 pm By Sam Matthews

Embattled mining company Griffin Coal has copped a $4,000 fine after being convicted of failing to meet its financial reporting and officeholder requirements.

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ASIC seeks $15M penalty against GetSwift after ā€˜unprecedentedā€™ offshore move
Securities 2022-07-12 11:01 pm By Cindy Cameronne

ASIC has called for a $15 million penalty against GetSwift and 12-year bans against its directors, who moved the logistics company overseas as the regulator’s enforcement action was on foot, a move the court on Tuesday said was “unprecedented”.

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Life insurer Select AFSL used unconscionable phone sales tactics, court finds
Insurance 2022-07-11 2:25 pm By Cindy Cameronne

Insurer Select AFSL acted unconscionably when selling life, funeral and accidental injury insurance over the phone, a court has found in a case brought by the Australian Securities and Investments Commission.

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ASIC hits $1 billion ‘licensee for hire’ firm with court proceedings
Financial Services 2022-07-07 1:13 pm By Cindy Cameronne

The Australian Securities and Investments Commission has filed civil penalty proceedings against advisory firm Lanterne Fund Services, alleging it ran a ā€œwholly deficient businessā€.

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