National Australia Bank has been hit with a $18.5 million fine after admitting to allegations by ASIC that it failed to adequately disclose its adviser fees for five years.
Just three years after adopting its ‘why not litigate’ approach in response to a lashing by the Hayne royal commission, the corporate regulator has abandoned the tough enforcement stance as the Morrison government focuses on economic recovery from COVID-19.
A Melbourne mortgage broker who was jailed for filming four dying police officers has been released from prison after serving 120 days behind bars for separate offences, which a magistrate slammed as “abhorrent” and “repugnant”.
A court has tossed a lawsuit by Clive Palmer’s Mineralogy against ASIC, calling it an “ill-disguised collateral attack” against the regulator over criminal proceedings against the billionaire mining magnate over $12 million in payments made to his political party in 2013.
A Melbourne mortgage broker who filmed four police officers dying after they were hit by a truck after pulling him over for speeding in his Porsche has been banned by ASIC, a day before he’s set to be sentenced on criminal charges.
Two Westpac units have been hit with $10.5 million in fines for providing personal financial advice during a superannuation rollover campaign, with a barrister for ASIC noting the bank had not apologised or expressed regret for the conduct.
A judge has criticised the liquidators of collapsed financial group Linchpin Capital after they failed to inform the court whether they intend to defend class action proceedings or if default judgment should be made against the company.
A judge has blasted an ex-Linchpin director’s delay in appealing a five-year disqualification ordered by ASIC and threatened to dismiss the appeal after he failed to comply with court orders.
The former auditors of stockbroker Halifax Investment Services, whose 2008 collapse left around $200 million in client funds trapped, have been hit with $50,000 in fines for auditing breaches that resulted in the company continuing to trade while being prima facie insolvent.
Fintech software solutions company IOUPay has been granted relief from the court after issuing 20 million shares without lodging a cleansing notice with the Australian Securities Exchange.