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Judge signs off on $1.5M penalty against Westpac for unsolicited insurance
Financial Services 2022-04-07 6:03 pm By Cat Fredenburgh

A judge has hit Westpac with a $1.5 million penalty for misleading 141 customers into believing they had purchased add-on insurance.

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ASIC takes Macquarie to court after adviser’s $2.9M theft
Financial Services 2022-04-05 1:57 pm By Cat Fredenburgh

The corporate regulator has filed court proceedings against Macquarie Bank alleging it failed to monitor third-party withdrawals, leading to a financial adviser’s theft of $2.9 million in customer funds.

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ASIC slaps wealth guru with four-year financial services ban
Financial Services 2022-04-05 2:24 pm By Sam Matthews

Lawyer and wealth guru Dominique Grubisa has been banned from providing financial services and engaging in credit activity for four years, after ASIC found she embellished her qualifications and encouraged students to improperly use Family Court listings to identify investment opportunities. 

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ASIC did not threaten security firm with alleged links to bikie gang, court finds
ASIC 2022-04-04 4:42 pm By Miklos Bolza

ASIC did not issue threats to a Sydney security company that was being investigated for links to outlaw bike gangs and defrauding the Commonwealth, according to a judge who found the corporate regulator legally terminated its contracts with the company.

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Westpac agrees to pay $1.5M to settle ASIC case over unsolicited insurance
Financial Services 2022-04-04 1:51 pm By Cat Fredenburgh

Westpac has agreed to pay $1.5 million to settle proceedings brought by ASIC for misleading 141 customers into believing they had purchased add-on insurance.

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Ex-Herbert Smith Freehills lawyer disqualified from feud with former Tennis Australia boss, ASIC says
ASIC 2022-04-01 7:02 pm By Christine Caulfield

A Federal Court registrar overseeing a costs dispute between ASIC and former Tennis Australia president Steven Healy worked in the practice group where the costs were accrued and should recuse herself, the regulator has said.

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Griffin Coal charged with breaches of financial reporting, company officer obligations
Energy & Natural Resources 2022-03-28 5:37 pm By Sam Matthews

Embattled mining company Griffin Coal is facing criminal prosecution following a referral from the Australian Securities and Investments Commission over alleged failures to meet financial reporting and officeholder requirements.

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MLC admits to contraventions in $17.5M ASIC suit
Financial Services 2022-03-24 10:49 pm By Cindy Cameronne

Wealth manager MLC Limited has admitted to violating the Corporations Act by failing to send overdue notices to policyholders over a 15-year period, but will defend the bulk of ASIC’s claims in proceedings accusing it of causing $17.5 million in harm to over a quarter of a million consumers.

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ASIC seeks recusal of former Freehills lawyer in costs spat with ex-Tennis Australia boss
ASIC 2022-03-18 1:17 pm By Miklos Bolza

ASIC has asked a Federal Court registrar who previously worked at Herbert Smith Freehills to step down from overseeing remaining costs disputes in its failed case against former Tennis Australia president Steven Healy, who is represented by the Big Six firm.

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ACCC takes Facebook owner to court over scam celebrity cryptocurrency ads
Competition & Consumer Protection 2022-03-18 11:45 am By Cat Fredenburgh

The consumer regulator has initiated court proceedings alleging Facebook technology allowed scam cryptocurrency ads featuring celebrities to target susceptible users and that the social media giant failed to take adequate steps to remove them. 

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