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Showing 161 - 170 of 408 results for "Justice"

Westpac fined $1.5m for mis-selling insurance

ANDREW MCKEAN  |  FRIDAY, 8 APR 2022
... seek significantly increased penalties for misconduct related to the mis-selling of consumer credit insurance products. Justice Katzman believed the issued penalty was appropriate but also considered the contraventions as undeliberate and not reckless ...

Aware Super advice arm to pay $20m fine

CHLOE WALKER  |  FRIDAY, 18 FEB 2022
... holder to act efficiently, honestly and fairly and to comply with financial services laws. In handing down his decision, Justice Moshinsky concluded that Aware FS's conduct was serious and systematic. His Honour also highlighted the large number ...

PE Capital in liquidation

KARREN VERGARA  |  THURSDAY, 10 FEB 2022
... preferential securities when they did not, and in the case of one fund misrepresented the investment strategy that would be used. Justice Cheeseman ordered the following MISs, which were registered, to be wound up: PE Capital Monthly Yield Fund, and ...

RI Advice slapped with $6m penalty

KARREN VERGARA  |  FRIDAY, 4 FEB 2022
... financial services licensees to properly monitor the advice given by their advisers to make sure consumers are protected." Justice Moshinsky determined that RI Advice, a former ANZ subsidiary that is now owned by IOOF, did not have processes to identify ...

Mayfair 101 files new appeal

ELIZABETH MCARTHUR  |  TUESDAY, 25 JAN 2022
... deposit'. Investors have lost about $211 million in these Mayfair products. In handing down the $30 million fine, Justice Anderson said: "The defendants deliberately misled investors into investing in the Mayfair Products under the belief that they ...

Federal Court imposes $4m penalty on industry fund

CHLOE WALKER  |  TUESDAY, 18 JAN 2022
... and $500,000 for failing to report the breach to ASIC. In handing down the reasons for his decision yesterday in court, Justice Besanko noted that while Statewide's conduct was not deliberate, the contraventions of the law were serious. His Honour ...

Federal Court fines Mayfair $30m

CHLOE WALKER  |  THURSDAY, 23 DEC 2021
... Group has been ordered to pay a combined penalty of $30 million for misleading advertising. In handing down the decision, Justice Anderson said the increased penalties were appropriate, noting that those sought by ASIC were insufficient. "The defendants ...

Disgraced former fund manager chief declared bankrupt

JAMIE WILLIAMSON  |  TUESDAY, 21 DEC 2021
... Michael Christodoulou King based on the unpaid penalty even though such a debt is not one provable in bankruptcy, ASIC said. Justice Kylie Downes decided to bankrupt King as he owes provable debts of more than $177 million and shows no evidence of being ...

Australian Ethical takes stake in boutique

KARREN VERGARA  |  THURSDAY, 9 DEC 2021
... and advice markets, Almagor told a podcast. The investment focus is on renewable and clean energy, Indigenous and social justice, regenerative agriculture and food production, and carbon sequestration, he said. Sentient is led by chief executive Oliver ...

La Trobe fined for misleading investors

ELIZABETH MCARTHUR  |  MONDAY, 29 NOV 2021
... as to the entitlement to withdraw funds and the risk of loss of capital invested," the judge presiding over the case, Justice O'Bryan, said. "Each of the representations was made over periods ranging from about one year to more than three years ...