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A judge has taken ASIC to task for pleading its remitter case against Mayfair 101 Group director James Mawhinney in minute detail, but has rejected arguments the regulator ran the proceeding in an “oppressive and unmeritorious” way.
The corporate regulator has filed proceedings against RACQ, one of Queensland’s largest insurers, alleging it sent customers renewal documents with misleading comparison pricing.
ASIC has won banning orders against a Paladin and MacroLend director, with a judge finding investors were enticed by his “entirely fanciful” $1.02 billion valuation of Paladin unit Kradle Software.
Australian Securities and Investments Commission chair Joe Longo will hang up his badge after his term as head of the corporate cop ends in eight months.
ASIC has confirmed it is investigating at least one ratings house which said Keystone’s failed Shield Master Fund was of 'investment grade', as the corporate watchdog seeks to claw back $480 million in investor funds.
Construction PRO
A judge has ordered ANZ to explain itself after hearing the director of a Gold Coast property developer under investigation withdrew $112,000 from a bank account subject to freezing orders.
Construction PRO
An ASIC report into private credit has found that commercial property construction and development presents the “greatest potential risk” of impairment or credit loss, as well as being more likely to involve conflicts of interest and opaque fee arrangements.
ASIC's chair was grilled by members of parliament on Thursday over whether the regulator would take action against individuals within ANZ, after the bank agreed to pay $240 million in penalties for "widespread misconduct".
Products offered by La Trobe Financial Asset Management are the subject of interim stop orders by the corporate regulator, which claims the investment schemes are unsuitable for everyday investors.
ANZ has agreed to pay $240 million in penalties to resolve four separate cases by the corporate regulator, including a record $80 million penalty for unconscionable conduct in its dealings with the federal government.