A judge has found that representatives for forex broker Union Standard used unfair tactics to pressure customers to invest in risky financial products and derived most of their revenue from customer losses, said to total $83 million.
ASIC has sued credit contractor Swoosh Finance for allegedly providing unsuitable loans with high fees and interest rates to customers who showed “clear signs of financial distress”.
Crypto firm Binance deprived hundreds of customers of consumer protections by misclassifying them as wholesale clients and allowing them to buy risky derivatives, ASIC says.
The trustee for Active Super has argued against a $13.5 million penalty proposed by ASIC for greenwashing, saying the tax burden would impact on its members.
ASIC has launched legal proceedings against HSBC, alleging the bank did not have appropriate controls to protect customers from scammers.
The lead auditor for the collapsed Greensill group, which was wound up in 2021 with claims over $1.7 billion, has been suspended until June 2026 for failing to adequately carry out his duties.
The judge hearing ASIC’s case against super fund Cbus has criticised the practice of exchanging concise statements and responses, saying it was a “false economy” of time and cost savings.
The Australian operator of crypto exchange Kraken has been ordered to pay $8 million for failing to comply with design and distribution obligations.
The corporate copy has brought court action against Rex and four of its directors alleging the regional airline misled the market about its profits.
Hoping for a discounted penalty, fintech iSignthis has won its bid to adduce evidence of without prejudice offers it made to reach a resolution with ASIC before the regulator took it to court.