Émails show the directors of logistics company GetSwift took a “deliberate approach” to inflating the company’s share price through a constant supply of positive ASX announcements about new multimillion-dollar contracts, ASIC said on the first day of a highly anticipated five-week trial.
ASIC has slapped an Australian unit of French investment bank Société Générale with additional licence conditions for failing to comply with its obligations for handling client money over a near four-year period.
There may not be enough registered liquidators in Australia to respond to a possible wave of COVID-19 insolvencies, the Australian Securities and Investment Commission has warned.
The Australian Securities and Investments Commission will have to face trial in a defamation lawsuit brought by a Queensland building and mortgage company over two media releases the corporate regulator issued in 2018 and 2019, after defeating a separate $10 million defamation case last year.
ASIC has launched a bid to gain access to legal advice provided by Ashurst to Australia and New Zealand Banking Group in the regulator’s case over $35 million in allegedly illegal bank fees.
A judge has approved a $5 million penalty against the Commonwealth Bank of Australia for overcharging customers $8 million in fees and interest on its agricultural products, despite previously expressing concerns that the penalty was “on the light side”.
A judge has questioned ASIC’s proposed $5 million penalty against the Commonwealth Bank of Australia, saying it was “on the light side” for the bank’s conduct in overcharging $8 million in fees on its agricultural products.
Former Dover Financial director Terry McMaster on Monday admitted to personally drafting a so-called client protection policy described by a judge as an “exercise in Orwellian doublespeak”, as the court heard evidence that the defunct financial firm ignored red flags raised by two law firms about the policy.
The Federal Court has granted ASIC a legal win against Bendigo and Adelaide Bank, finding that its small business loan contracts were unfair and created a “significant imbalance” that was likely to detriment customers.
Accepting that criminal proceedings were “on the cards” for accused Ponzi schemer Chris Marco, a judge has ordered the appointment of receivers to his assets and those of his company, AMS Holdings, saying there was a strong need for an independent assessment of the investment activities of the WA businessman.