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Showing 131 - 140 of 313 results for "S Scheme"

Ponzi scheme rakes in almost $1.5bn

HARRISON WORLEY  |  TUESDAY, 28 JAN 2020
... scheme from 2011 to 2018. According to the SEC, 17 investors poured $1.37 billion (USD$910 million) into the Carpoff's scheme over seven years through investment contracts in two solar generator companies. The SEC claims the Carpoffs promised investors ...

Bank of Mum and Dad forking out serious dosh

ALLY SELBY  |  TUESDAY, 14 JAN 2020
More young Aussies are turning to their parents, the appropriately dubbed 'Bank of Mum and Dad', to help secure equity for a first home deposit, and financial advisers are split on the growing trend. For some, the lucky few, the money for the ...

Commonwealth Super mulls platform changes

KANIKA SOOD  |  MONDAY, 13 JAN 2020
Commonwealth Superannuation Corporation is considering making changes to how it administers about 570,000 defined benefit member accounts as its existing systems age. CSC has invited interested companies to submit proof-of-concepts for a core registry ...

Registration deadline extended: ASIC

ELIZABETH MCARTHUR  |  THURSDAY, 14 NOV 2019
ASIC has told Australian financial services licensees that they will not be in breach of the law because their financial advisers were not able to register with ASIC-approved compliances schemes. The original deadline for registering was 1 January 2020. ...

Adviser scammed family, friends

ELIZABETH MCARTHUR  |  FRIDAY, 8 NOV 2019
A New York investment adviser named Ruless Pierre allegedly operated a Ponzi scheme that unlawfully obtained more than $2 million from investors who were told they'd see returns of 20% every two months. Part of the scheme, known as the Amongst Friends ...

AFCA delivers $185m in compensation

ELIZABETH MCARTHUR  |  FRIDAY, 1 NOV 2019
The Australian Financial Complaints Authority has delivered $185 million in compensation to consumers in its first year of operation. AFCA received a 40% uptick in complaints compared to previous complaints schemes. About 77% of complaints lodged have ...

Defined benefits robbed women: Kelty

ELIZABETH MCARTHUR  |  FRIDAY, 25 OCT 2019
At the launch of the Crescent Think Tank in Sydney, former union boss Bill Kelty didn't hold back in expressing his views on the current state of the superannuation system. "My view is the most important thing to working people in Australia is stop ...

Former adviser cops 12 years in jail

HARRISON WORLEY  |  FRIDAY, 18 OCT 2019
A former Brisbane financial adviser will serve at least six years behind bars, after being found guilty of six charges of dishonestly causing detriment to clients to the tune of $5.9 million. After a three-week trial, former Growth Plus Financial Group ...

AFCA delivers $83 million win

ELIZABETH MCARTHUR  |  MONDAY, 15 JUL 2019
The Australian Financial Complaints Authority has collected over $83 million for consumers and small businesses in just six months. In its first six months of operations, AFCA received over 35,000 complaints and 60% of those have already been resolved. ...

Life expectancy declining: KPMG

KARREN VERGARA  |  WEDNESDAY, 15 MAY 2019
Latest research from KPMG debunks the assumption that life expectancy is increasing when in fact it has contracted for the fourth consecutive year. After analysing the mortality of UK retirees on defined benefit plans, the KPMG 2019 Pensions Accounting ...