Former celebrity advisor Sam Henderson, who was slapped with a three-year financial services ban last year after his appearance at the banking royal commission, has pleaded guilty to dishonesty and defective disclosure offences after falsely telling clients he had completed a Master of Commerce degree.
Australia’s largest financial services institutions have paid or offered to pay more than $882 million to remediate customers affected by their fees for no service conduct, the Australian Securities and Investment Commission has revealed.
New laws aimed at regulating litigation funders are due to commence on Saturday, but Treasurer Josh Frydenberg is keeping a lid on four emails exchanged with the watchdog in the days leading up to the decision to bring in the sweeping changes.
The Australian Securities and Investments Commission has launched proceedings against a subsidiary of wealth manager IOOF over its alleged failure to have adequate cyber security systems in place.
The Australian Securities and Investments Commission has launched civil penalty proceedings against superannuation fund StatePlus over fees allegedly charged for services that were not provided to tens of thousands of members.
Two Westpac units have made admissions and said they would not defend proceedings brought by the Australian Securities and Investments Commission over fees charged for services that were not provided to hundreds of financial advice customers.
A court has ordered the winding up of Askk Investment Group and the unregistered managed investment scheme it operated in Beveridge, Victoria, that raised more than $11 million from investors.
The judge overseeing ASIC’s case against logistics provider GetSwift cannot draw any inferences against the company because directors Bane Hunter and Joel Macdonald did not give evidence at trial, GetSwift’s barrister has said during closing submissions in the case.
A judge has appointed provisional liquidators to investment firm Mayfair 101 and has banned director James Mawhinney from transferring any assets out of Australia, after the corporate regulator told the court Mawhinney could face criminal charges.
The judge overseeing a shareholder class action against logistics provider GetSwift and three executives has vacated an upcoming trial date, following an application that he recuse himself from hearing the case.