ASIC has launched court proceedings against Melbourne-based foreign exchange and derivative trader Forex CT alleging it engaged in unconscionable sales tactics that led to hundreds of thousands of dollars in investor losses.
Queensland politician and mining magnate Clive Palmer has been hit with criminal charges for allegedly using his position as director of Minerology to allow $12 million in transfers for unauthorised purposes, including to support his party’s political ambitions.
Westpac has been hit with a class action over a “shonky” car loan scheme, in what is the first class to be filed in Victoria Supreme Court following passage of a state law allowing lawyers to earn contingency fees.
Elderly victims of Ponzi schemer Bradley Sherwin have told the government’s class action inquiry of their “horrendous class action journey”, which led to a “pathetic outcome” in which the majority of a $12 million settlement with the Bank of Queensland went to the law firm and funder behind the case.
The corporate watchdog would not take action on funding terms in a Fair Work class action brought by Adero Law, after receiving reports of potential misleading or deceptive conduct by the law firm and the funder backing the case, according to submissions made in the government’s latest inquiry into litigation funding and class actions.
A former Sydney liquidator has been charged with dishonesty offences and faces possible jail time after allegedly misappropriating almost $240,000 from company bank accounts.
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.
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.
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.
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.