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ASIC wins appeal of ruling overturning life ban against financial adviser
Financial Services 2020-07-14 7:00 pm By Christine Caulfield

The Australian Securities and Investments Commission has won its challenge to a tribunal ruling that overturned a permanant ban imposed on a RI Advice Group authorised financial planner who double charged his clients.

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‘The scheme has failed’: Court appoints provisional liquidators to Mayfair’s IPO Wealth
Financial Services 2020-07-02 12:46 pm By Miklos Bolza

A court has appointed provisional liquidators to the IPO Wealth Group, rejecting claims by the firm’s sole director that the move would severely damage his reputation and that of the wider Mayfair group.

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Société Générale Australia pleads guilty to client money offences
Financial Services 2020-07-01 2:05 pm By Alison Eveleigh

An Australian arm of French banking powerhouse Société Générale has pleaded guilty to client money offences, after it reported to the Australian Securities and Investment Commission that it had deposited client money into unauthorised bank accounts.

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Mayfair 101 founder denies troubled fund a Ponzi scheme
Financial Services 2020-06-30 4:26 pm By Miklos Bolza

The embattled founder of Mayfair 101 investment group has denied allegations that its $80 million IPO Wealth fund is a failed Ponzi scheme as he fights the appointment of a provisional liquidator to the fund.

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ASIC won’t bring action against Retail Food Group despite report of ‘particularly unjust’ conduct
Franchises 2020-06-30 1:21 pm By Christine Caulfield

Gloria Jeans’ owner Retail Food Group has avoided enforcement action by the Australian Securities and Investments Commission after an investigation sparked by last year’s damning parliamentary report into the franchise sector.

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Former Liberal senator Julian McGauran sues Mayfair 101 over $1M investment
Financial Services 2020-06-26 6:20 pm By Christine Caulfield

Already facing action by the corporate regulator for alleged misleading and deceptive conduct and a potential class action, investment firm Mayfair 101 must now defend a lawsuit by former Liberal senator Julian McGauran, who is demanding the return of his $1 million investment.

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ASIC loses appeal in responsible lending case against Westpac
Financial Services 2020-06-26 12:06 pm By Christine Caulfield

The Australian Securities and Investments Commission has failed in a high-profile challenge to a ruling for Westpac in its responsible lending case against the bank, with an appeals court majority saying the regulator read too much into the national credit laws.

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Ashurst documents show ANZ knew about illegal fees, ASIC says
Financial Services 2020-06-25 5:25 pm By Miklos Bolza

Ashurst notified Australia and New Zealand Banking Group almost a decade ago about issues relating to its illegal fees, ASIC has told the Federal Court as it fights for documents from the law firm.

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GetSwift drafted correction to misleading ASX announcement, never released it, director says
Trials 2020-06-23 8:55 pm By Miklos Bolza

A former director of GetSwift has given evidence at trial in ASIC’s case against the logistics provider that the company drafted a correction to a misleading ASX announcement about a deal with fruit and milk delivery provider Fruit Box but never released it.

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Ex-Quantum Resources CEO charged with insider trading
White Collar 2020-06-23 5:46 pm By Alison Eveleigh

The former company director and CEO of gold exploration company Quantum Resources has been charged with insider trading.

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