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‘Porsches, Lamborghinis and racehorses’: Court hears details of alleged $400M Forum Finance fraud
White Collar 2023-02-06 5:41 pm By Sam Matthews

Westpac has told a court that it is “inconceivable” that Forum Finance directors Bill Papas and Vince Tesoriero and funded their lavish lifestyles legitimately, as trial kicked off in the bank’s $400 million fraud case against the Forum companies.

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ASIC says James Mawhinney’s defamation case doesn’t clear ‘serious harm’ bar
Defamation 2023-02-06 4:57 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has hit back at a defamation suit by Mayfair 101 founder James Mawhinney over a media release, saying it doesn’t meet the new ‘serious harm’ threshold for defamation matters.

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‘High end of careless’: Wilsons Advisory pays $550,000 for market integrity rules breach
Financial Services 2023-02-03 11:51 pm By Cindy Cameronne

Wilsons Advisory and Stockbroking has paid a $548,328 penalty after the Australian Securities and Investments Commission found its reported Trade With Price Improvement products did not offer price improvement.

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ClearLoans agrees to $6M penalty in ASIC’s first COVID-19 case against lender
Financial Services 2023-02-02 3:19 pm By Sam Matthews

Personal lender ClearLoans and its parent company have agreed to pay penalties of just over $6 million to settle the first COVID-19 related case brought by the Australian Securities and Investments Commission.

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Crypto class action members ‘wholly unprotected’ by self-repped applicant, Meta says
Competition & Consumer Protection 2023-02-02 11:20 pm By Christine Caulfield

Arguing the interests of the self-represented applicant and group members are in conflict, Meta and Google are urging a court to shut down a class action accusing the digital giants of breaching competition law by banning cryptocurrency ads on their platforms.

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PwC partner denies involvement in alleged $3.3M fraud scheme
Employment 2023-02-02 2:12 pm By Sam Matthews

A PricewaterhouseCoopers partner has hit back at a lawsuit over her alleged involvement in a $3.3 million scheme to defraud her husband’s employer, saying she believed payments into her account were made under a personal loan brokered by her husband from a “wealthy friend” in China.

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Class action funder’s son drops appeal of ruling linking him to Banksia scam
Class Actions 2023-02-01 4:59 pm By Christine Caulfield

The son of the lawyer behind the Banksia Securities class action has effectively abandoned his appeal of a court judgment that found he knowingly and actively assisted his father in a fraudulent scheme to pocket almost $20 million in inflated fees and commission.

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Shaw & Partners conspired with defecting Fortrend advisors to steal clients, suit says
Employment 2023-01-31 5:13 pm By Sam Matthews

Stock broker Fortrend Securities has filed a suit alleging wealth manager Shaw & Partners sent unsolicited welcome letters to clients as part of a scheme involving two former advisors.

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SMBC mulls new claims in $34M lawsuit over Forum Finance receivables
Financial Services 2023-01-31 3:34 pm By Cindy Cameronne

Japanese bank SMBC has foreshadowed an application to add claims against Humm Group after the fintech’s subsidiary allegedly misled the bank about receivables under contracts forged by a Forum Group entity.

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Financial planner pleads guilty to dishonesty on eve of criminal trial
Financial Services 2023-01-25 11:38 pm By Christine Caulfield

Melbourne stockbroker Bradley Grimm has pleaded guilty to charges of dishonesty following an investigation alleging Grimm — whose wife is a former ASIC employee — fleeced funds from clients.

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