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ASIC says Paladin director can’t rely on penalty privilege
ASIC 2024-09-04 11:06 pm By Sam Matthews

The Australian Securities and Investments Commission has argued the relief sought in proceedings against the director of two Paladin Group units does not constitute a penalty, as it challenges his reliance on the privilege against self-exposure to penalty.

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Ord Minnett lobs cross-claim against former executive
Employment 2024-09-03 11:47 pm By Sam Matthews

Wealth investment firm Ord Minnett has filed a cross-claim arguing a former executive who claims he was sacked for complaining about a $110,000 cut in his pay imposed after ASIC slapped the firm with a penalty for breaching market rules.

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Pakistan to oppose India’s latest bid for ‘Basmati’ trade mark
Intellectual Property 2024-09-03 11:42 pm By Andy Sidler

The Pakistani government’s opposition to India’s attempt to register a composite ‘Basmati’ trade mark will go on despite filing delays, with a delegate finding it was in the public interest to allow the opposition.

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Lawyer, as well as paid agent, can represent party in workplace dispute, FWC says
Employment 2024-09-02 11:25 pm By Sam Matthews

A full bench of the Fair Work Commission has found that a party may be granted leave to be represented by both a paid agent and a lawyer, rejecting an appeal by the CFMEU in a dispute with BMD Group.

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Courtenay House director slapped with 11-year sentence for $180M Ponzi scheme
Financial Services 2024-09-02 11:09 pm By Cat Fredenburgh

Courtenay House director Tony Iervasi has been sentenced to 11 years’ imprisonment after pleading guilty to charges connected to a $180 million Ponzi scheme that duped hundreds of investors.

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Thresholds unveiled for ACCC review under new merger laws
Competition & Consumer Protection 2024-08-30 11:23 pm By Cat Fredenburgh

The government has revealed the thresholds for mergers that will need to be reviewed by the Australian Competition and Consumer Commission under reforms that will take effect in 2026, promising to spare small acquisitions.

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Receivers appointed to Keystone fund amid ‘grave concerns’ over $160M transactions
ASIC 2024-08-27 11:01 pm By Cindy Cameronne

ASIC has won its bid to appoint receivers to a managed investment scheme run by Keystone Asset Management after expressing “grave concerns” that investor funds were used to pay sports stars and buy a $4.3 million home for its former director.

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Financial advisor jailed for 12 years after fleecing clients of $6M
White Collar 2024-08-27 11:54 pm By Andy Sidler

A former financial advisor at the now-defunct Growth Plus Financial Group has been convicted on 28 counts of fraud and jailed for 12 years for defrauding clients of $6 million, in conduct a judge described as “evil” and “systematic”.

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BlueScope says it ‘went close to the line’, but did not breach cartel laws
Competition & Consumer Protection 2024-08-26 11:27 pm By Sam Matthews

BlueScope Steel is seeking to overturn a record $57.5 million penalty for engaging in attempted price-fixing with flat steel distributors, telling an appeals court that it was simply trying to make its competitors understand “it was in their interests to price differently”. 

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Judge halts BSF, Cigno penalty hearing, says ASIC should have fought appeal
Financial Services 2024-08-26 11:06 pm By Christine Caulfield

A three-day penalty hearing in action against payday lenders BSF Solutions and Cigno — in which ASIC is seeking a multi-million dollar fine — has been put on ice until after a challenge to a finding that they were unlicensed credit providers.

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