A judge has said an 11-day trial in ASIC’s case against Solve My Debt Now will go ahead in December despite a third set of solicitors ceasing to act and no sign that the debt management firm will put on evidence.
The corporate regulator says defunct forex broker Union Standard and its agents should be hit with $300 million in penalties for their tactics in pressuring customers to trade in risky financial products.
The corporate regulator has secured travel restrictions and freezing orders against two directors of Falcon Capital as part of its investigation into its managed investment fund.
ASIC has filed action against Delta Electricity, owner of the Vales Point coal-fired power station in NSW, alleging “deliberate and calculated” manipulation in the market for electricity futures contracts.
The corporate regulator has taken a provider of small loans to court after it allegedly monitored and removed funds from consumers’ bank accounts without their knowledge.
Former franchisees involved in a class action against RAMS are seeking to intervene in ASIC civil penalty proceedings against the defunct Westpac subsidiary.
The common practice of splitting hearings on questions of liability and penalty may become “completely untenable” when there are credit issues, if the High Court upholds a recent recusal decision, a judge has said.
The corporate regulator has brought action against three companies in Sanjeev Gupta’s steel empire, alleging the businesses have defaulted on their obligations to lodge annual financial reports.
Companies in Sanjeev Gupta’s steel empire, including the collapsed owner of Whyalla Steelworks, has been hit with action for allegedly failing to lodge annual reports with ASIC.
A judge has rejected bids by former Keystone director Paul Chiodo and developer Robert Filippini to stay a $150 million suit, citing investors’ interests as a “powerful” factor weighing against the stay.