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A mortgage broker has lost his challenge to a tribunal’s decision to uphold a lifelong ban by the Australian Securities and Investments Commission.
The Australian Securities and Investments Commission has launched proceedings against investment firm Mayfair 101 Group and Mayfair Platinum accusing them of misleading advertising.
A judge has ordered ASIC to wait 48 hours after making any decision to send a warning notice to investment conglomerate Mayfair 101 before publicly issuing the notice, despite the regulator's call for urgent action amid the COVID-19 pandemic.
The High Court has upheld an appeal by a mortgage broker with a history of run-ins with the law, finding that the Administrative Appeals Tribunal could not take spent convictions into account when reviewing ASIC ban orders.