ASIC has won banning orders against a Paladin and MacroLend director, with a judge finding investors were enticed by his “entirely fanciful” $1.02 billion valuation of Paladin unit Kradle Software.
Australian Securities and Investments Commission chair Joe Longo will hang up his badge after his term as head of the corporate cop ends in eight months.
ASIC has confirmed it is investigating at least one ratings house which said Keystone’s failed Shield Master Fund was of ‘investment grade’, as the corporate watchdog seeks to claw back $480 million in investor funds.
A judge has ordered ANZ to explain itself after hearing the director of a Gold Coast property developer under investigation withdrew $112,000 from a bank account subject to freezing orders.
An ASIC report into private credit has found that commercial property construction and development presents the “greatest potential risk” of impairment or credit loss, as well as being more likely to involve conflicts of interest and opaque fee arrangements.
ASIC’s chair was grilled by members of parliament on Thursday over whether the regulator would take action against individuals within ANZ, after the bank agreed to pay $240 million in penalties for “widespread misconduct”.
Products offered by La Trobe Financial Asset Management are the subject of interim stop orders by the corporate regulator, which claims the investment schemes are unsuitable for everyday investors.
ANZ has agreed to pay $240 million in penalties to resolve four separate cases by the corporate regulator, including a record $80 million penalty for unconscionable conduct in its dealings with the federal government.
A former head of trading technology at the ASX has filed a lawsuit claiming he was axed after he raised concerns about insufficient resources to operate the market properly, including in relation to the exchange’s CHESS replacement project.
The Finance Sector Union has accused ANZ of being a “bank in crisis”, launching a case in the Fair Work Commission over its handling of mass job cuts.