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