ASIC

Investment manager Macquarie is the first to face a class action by investors who sank their super into the Shield and First Guardian Master Funds, with other investigations underway.

ASIC has raised the prospect of criminal charges linked to the Shield Master Fund, after bringing civil penalty proceedings alleging up to $530 million in retirement savings was used for unauthorised purposes.

The Australian Securities and Investment Commission has secured over $830 million in penalties in litigation in the most recent financial year, including its highest penalty ever. 

KPMG has fined seven partners, some as much as $180,000, for misusing confidential client information in May.

Star’s former boss and chief legal officer have argued that a judge erred in finding they breached their directors’ duties by allegedly failing to inform the board of unacceptable money laundering risks in its Sydney casino. 

A former MWL Financial adviser has been banned for three years for advising clients to invest most of their super in risky classes of the Shield Master Fund, after ASIC agreed to a reduction in the suspension in proceedings before the ART.

ASIC's Markets Disciplinary Panel has slapped NAB broker WealthHub Securities with a $1.055 million fine for failing to accurately report regulatory data. 

A director of Athlete's Foot owner Accent Group has stepped down as the retailer cooperates with an ASIC investigation into insider trading of its shares and tries to fend off a hostile takeover offer from shareholder Frasers Group.

ASIC is continuing its aggressive crackdown on advisers that spruiked the First Guardian and Shield Master Funds, banning a MWL Financial adviser for allegedly providing advice that was not in her clients' best interests.

Investors in Falcon Capital's First Guardian Master Fund will recover less than 10 per cent of a $33.5 million loan advanced to an inexperienced Melbourne developer, under a settlement reached by the company's liquidators.