The Federal Court has imposed a penalty of almost $5.2 million on AMP Financial Planning after finding it was “reckless” in its ālamentable failureā to properly respond to a now banned adviser who was churning life insurance for higher commissions.
The Australian Securities and Investments Commission formed the view that Dover Financial’s “Orwellian” client protection policy was misleading in 2016 but did not raise its concerns with the now defunct firm until 2018, a court has heard.
Westpac is now facing at least eight class actions in various US courts seeking $200 million from the bank for allegedly failing to alert shareholders to violations of anti-money laundering laws.
A sideshow evidentiary dispute in a committal hearing in a landmark criminal cartel case against ANZ and two investment banks has drawn to a close, but not before testing the patience of a magistrate, who warned her ruling would be far from a “Rolls Royce decision”.
JPMorgan has taken ANZ to task for its “heroic endeavours to create an air of suspicion” around the conduct of ASIC and the ACCC prior to the filing of a landmark criminal cartel case, slamming the allegations as purely speculative.
ANZ is seeking information on whether the ACCC put pressure on ASIC to not pursue proceedings against JP Morgan over a $2.5 billion share placement that is at the centre of a closely watched criminal cartel case, saying the matter raised a “serious question” about potential abuse of power by the regulators.
A US-based plaintiffs firm is planning a class action against Westpac alleging it failed to alert investors to significant lapses in its anti-money laundering and counter-terrorism finance compliance, which led to a bombshell lawsuit by AUSTRAC last year.
A former Adelaide financial advisor that worked for a subsidiary of National Australia Bank has lost his bid for a temporary stay of a five-year ban for allegedly recommending that clients invest in failed fintech start-up Bux Global, after arguing the bad publicity could negatively affect the impending sale of his business.
Melbourne-based fintech ISignthis and its directors are facing a possible shareholder class action over a December profit downgrade.
The former director of a Queensland-based internet services provider has been sentenced to six years in jail after pleading guilty to fraud charges.