ASIC wants an injunction against a financial adviser whose “honey pot” marketing allegedly led to 6,000 clients pumping over $520 million into the collapsed Shield and First Guardian funds.
A judge has ruled that two Deloitte partners can act as administrators for embattled wealth manager Keystone, replacing two voluntary administrators from KordaMentha, despite an alleged risk of conflict due to past work for the company.
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.
Several insurers have won a dispute with two Melbourne businesses about whether an industrial special risks policy can cover losses suffered during COVID-19 lockdowns, with a judge finding the policy did not respond just because there were recorded cases in Melbourne.
A judge has expressed concern about the Australian Securities and Investments Commission’s suspicion that a former director of Keystone Asset Management may have used investor funds to purchase a house in his wife’s name, calling it “alarming”.
Macquarie Bank has agreed to pay a $10 million fine in proceedings brought ASIC after the bank admitted that it failed to monitor third-party withdrawals, resulting in a financial adviser’s theft of $2.9 million.
In a victory for Zurich Australia, the Australian Securities and Investments Commission has lost its first-ever civil penalty case alleging an insurer failed to act with utmost good faith during claims handling.
A judge has ordered wealth manager Mercer Financial Advice to pay a $12 million penalty for “extremely serious” fees-for-no-service conduct and breaches of its fee disclosure obligations, in a case brought by the Australian Securities and Investments Commission. In the case, filed in June last year, ASIC alleged that Mercer charged 761 customers a total…
A judge has dismissed court proceedings brought by the corporate regulator against superannuation trustee Diversa over its alleged failure to oversee a now-banned financial adviser, ruling that the knowledge of downstream entities could not be attributed to Diversa.
ASIC has lost its challenge to findings that a revenue sharing arrangement between the Commonwealth Bank of Australia and former subsidiary Colonial First State Investments did not breach conflicted remuneration provisions of the Corporations Act.