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Showing 141 - 150 of 673 results for "Penalty"

ASIC files contempt orders against repeat offender

CHLOE WALKER  |  MONDAY, 29 JAN 2024
... providing 'fast cash' to financially vulnerable clients, which was followed with inappropriate advice. Fuoco was also fined a penalty of $650,000 for his involvement. ASIC now alleges that between March 2019 and April 2023, in contravention of these ...

Penta Capital fined for fabricated FUM

KARREN VERGARA  |  MONDAY, 22 JAN 2024
... four infringement notices. "If Penta does not pay the remaining instalments ASIC may further investigate and file civil penalty proceedings," ASIC said. ASIC clarified that Penta Capital "is not an Australian financial services licensee or authorised ...

Court fines Linchpin, Endeavour directors

KARREN VERGARA  |  THURSDAY, 11 JAN 2024
... Linchpin Capital Group and Endeavour Securities, both of which are now in liquidation, were slapped with a combined $390,000 penalty by the Federal Court for breaching their duties. Last April, the court found that Ian Williams, Paul Raftery, Paul Nielsen ...

ASIC cracks down on Prospero for reporting failures

CHLOE WALKER  |  WEDNESDAY, 10 JAN 2024
... recently suspended the AFSL of Melbourne-based over-the-counter (OTC) derivatives issuer Prospero Markets (Prospero). The penalty comes after the Forex and CFD trading platform, which services mainly Chinese-speaking clients, failed to lodge its annual ...

Zurich cleared by Federal Court in life insurance dispute

ANDREW MCKEAN  |  MONDAY, 8 JAN 2024
... connected to OnePath Life's avoidance of an income protection policy. The case marks ASIC's first attempt to impose a civil penalty under s13 of the Insurance Contracts Act 1984 (Cth), a section that mandates insurers uphold the duty to act with utmost ...

ASIC takes action on EverBlu, director

KARREN VERGARA  |  MONDAY, 18 DEC 2023
ASIC commenced civil penalty proceedings against Adam Blumenthal, the director of investment bank EverBlu Capital, for alleged market rigging and failing in his duties as a director to manage conflicts of interest. The case will also look at Blumenthal's ...

ANZ fined $900k over shares disclosure failure

CHLOE WALKER  |  MONDAY, 11 DEC 2023
... Meanwhile, ASIC deputy chair Karen Chester said the fine confirms the paramount importance of continuous disclosure. "The penalty and remarks from the Judge are a clear and resolute message to ANZ and the market that this conduct was very serious," Chester ...

Former adviser convicted over false documents

CHLOE WALKER  |  THURSDAY, 30 NOV 2023
... account by Judge Zempilas when handing down the sentence," ASIC said. At the time of Fong's offending, the maximum penalty for an individual for engaging in dishonest conduct while providing financial advice and carrying on a financial services business ...

OnePath cops $5m fine over fees for no service

CASSANDRA BALDINI  |  THURSDAY, 30 NOV 2023
The Federal Court has imposed a $5 million penalty on OnePath Custodians for unlawfully deducting adviser service fees from members. According to court documents, the trustee made misleading representations about its right to continue charging fees ...

Mercer fined $12m over advice failures

JAMIE WILLIAMSON  |  THURSDAY, 23 NOV 2023
... in this case does not occur." ASIC had proposed to the court that Mercer be fined $20 million, while Mercer claimed a penalty of $8.5 million was sufficient, adding that this would be equivalent to 1.4 to 2.1 years of normalised profits. The court met ...