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Societe Generale hit with $30,000 penalty for criminal breaches of client money rules
Financial Services 2020-10-21 1:08 pm By Christine Caulfield

The Australian unit of French investment bank Société Générale must pay a $30,000 penalty after pleading guilty to four counts of breaching client money handling […]

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Banned celebrity financial advisor Sam Henderson fined $10,000
Financial Services 2020-10-20 4:47 pm By Cat Fredenburgh

Former celebrity advisor and banking royal commission witness Sam Henderson has avoided jail time and been fined $10,000 after pleading guilty to dishonesty and defective disclosure offences for falsely telling clients he had completed a Master of Commerce degree.

Judge fines NAB $15M, questions ASIC’s ‘introducer’ investigation
Financial Services 2020-10-19 6:01 pm By Miklos Bolza

A judge has slapped National Australia Bank with a $15 million penalty over its scandal-ridden home loan introducer program but slammed ASIC’s investigation into the program, saying there was no “real regulatory desire to pursue a thorough investigation as to what in truth occurred”.

Judge backs ASIC plan to ban OTC binary options as issuers hit with $75M penalty
Financial Services 2020-10-16 4:52 pm By Christine Caulfield

Over-the-counter derivative issuers AGM Markets, OT Markets and Oxifin Tech have been ordered to pay a total of $75 million in penalties after a ruling […]

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In plea to court, Mayfair’s Mawhinney tries to salvage Mission Beach investments
Financial Services 2020-10-13 3:43 pm By Miklos Bolza

The director of the besieged Mayfair investment group will submit a new noteholder proposal to the court in an effort to stave off the winding […]

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VW escapes ASIC responsible lending case with $4.7M remediation promise
Financial Services 2020-10-12 4:08 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has settled its responsible lending case against Volkswagen’s financial services unit with an undertaking from the car financier to […]

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Hiding name of buyer in Antares oil deal a breach of disclosure obligations, court says
Energy & Natural Resources 2020-10-12 8:59 pm By Cat Fredenburgh

In a win for ASIC, a judge has found that former oil and gas company Antares Energy violated its continuous disclosure obligations by failing to […]

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GetSwift faces scrutiny over shareholder disclosures ahead of planned Canada move
Corporate 2020-10-08 7:06 pm By Christine Caulfield

ASIC and the applicant in a class action against GetSwift have intervened in an application by the logistics provider to relocate its headquarters to Canada, […]

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ASIC drops investigation into company that filed $10M defamation lawsuit
Financial Services 2020-10-07 5:09 pm By Miklos Bolza

The Australian Securities and Investments Commission has dropped its investigation into trading firm Select Vantage, which brought an unsuccessful $10 million defamation suit against the […]

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McMillan Shakespeare settles class action over ‘illusory’ car warranties
Class Actions 2020-10-05 10:46 pm By Cat Fredenburgh

McMillan Shakespeare has settled a class action alleging one of its units engaged in unfair tactics and unconscionable conduct in the sale of car warranties […]

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