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Showing 41 - 50 of 394 results for "Justice"

Federal Court hammers defunct advice firm with $11m penalty

ANDREW MCKEAN  |  MONDAY, 28 APR 2025
... in an incentivised environment that rewarded uniform advice, benefiting the advisers to the detriment of their clients. Justice Goodman also observed that the asset allocations in Statements of Advice were "strikingly different" from what was suggested ...

ASIC loses Block Earner case

KARREN VERGARA  |  WEDNESDAY, 23 APR 2025
The Federal Court has vindicated Block Earner by overturning a decision that it needed an AFSL to offer its Earner product and dismissing ASIC's appeal to impose penalties on the digital asset platform. Justices O'Callaghan, Abraham and Button ...

Court approves Caddick SMSF class action settlement

KARREN VERGARA  |  WEDNESDAY, 2 APR 2025
... particularly pleasing given that class actions tend to take much longer and that many of Caddick's victims are retirees. Justice Markovic approved the settlement amount overnight. About 50% of the money will go towards the victims while the other ...

Active Super fined $10.5m for greenwashing

KARREN VERGARA  |  TUESDAY, 18 MAR 2025
... investments in Russian companies and others involved in mining and tobacco, the Federal Court determined this morning. Justice O'Callaghan said it is not disputed that the super fund's "contraventions were serious" after it benefitted from its ...

BUSSQ abandons appeal, concedes to licence conditions

ANDREW MCKEAN  |  THURSDAY, 13 MAR 2025
... a single person's view. Following this, APRA agreed to put the conditions on ice until BUSSQ had its day in court. Justice Derrington threw out BUSSQ's case last month and ordered the fund to cover APRA's costs, however, BUSSQ doubled down ...

Convicted adviser fails to appeal prison sentence

MATTHEW WAI  |  THURSDAY, 20 FEB 2025
... leave to appeal in the Supreme Court of Victoria against the conviction and sentence, claiming there was a "miscarriage of justice and the sentence was manifestly excessive". The appeal was ultimately rejected by the Court of Appeal (Victoria) yesterday. ...

Trump orders creation of US sovereign wealth fund

ANDREW MCKEAN  |  TUESDAY, 4 FEB 2025
... fund. The executive order directs US secretary of the treasury Scott Bessent, who was sworn in last week by Supreme Court Justice Brett Kavanaugh - nominated by Trump during his first term - and Trump's nominee for secretary of commerce Howard Lutnick ...

Court sentences Ponzi scheme promoter

KARREN VERGARA  |  MONDAY, 23 DEC 2024
... seven years. He was also the director of Courtenay House Trading Group and Proactive Property. In sentencing Iervasi, Justice Sweeney found victims made a net loss of $54 million while he benefited about $12 million. "As well as the loss of life savings ...

Court finds CFD issuers engaged in 'unconscionable conduct'

ELIZA BAVIN  |  MONDAY, 23 DEC 2024
... has important implications for entities providing financial services under an AFSL to customers outside of Australia. Justice Wigney held that the general obligations of AFS licensees are not limited to financial services provided to customers in Australia. ...

Crypto operator to fork out millions after court ruling

ANDREW MCKEAN  |  FRIDAY, 13 DEC 2024
... required a TMD, meaning each time it was offered to a customer, Bit Trade breached design and distribution obligations (DDO). Justice Nicholas said Bit Trade "didn't turn its mind to the requirement of the DDO regime," adding that "the failure to ...