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Showing 61 - 70 of 407 results for "Justice"

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 ...

Illegal investment scheme operator to pay $1.25m

ELIZA BAVIN  |  THURSDAY, 28 NOV 2024
... significant losses for investors." Hopkins was also ordered to pay $50,000 of ASIC's costs. In handing down his judgment, Justice Beach found that Hopkins "had a central role as the founder, designer and operator of the unregistered schemes, including ...

Federal Court quashes case against ex-Dixon Advisory director

ANDREW MCKEAN  |  WEDNESDAY, 6 NOV 2024
... whom were clients who suffered substantial investment losses-without access to funds or any leverage in negotiations. Justice O'Callaghan ruled that Dixon had faced a genuine risk of insolvency from at least July 2021, which only intensified through ...

ASIC secures win against HCF Life

ELIZA BAVIN  |  TUESDAY, 29 OCT 2024
... coverage for non-disclosure of a pre-existing condition if the customer was not aware of it when taking out the insurance. Justice Jackman said that the "ordinary and reasonable reader would be ignorant of the potential effect of s47 of the ICA, and ...

ASIC cans timeshare company AFSL

KARREN VERGARA  |  WEDNESDAY, 23 OCT 2024
... it was not in the consumers' best interests and inappropriate to their circumstances. It was ordered to pay $900,000. Justice Downes said in handing down the ruling at the time: "Such an amount will serve the public interest by deterring future contraventions ...

ASIC seeks $27m penalty against AustralianSuper

ELIZA BAVIN  |  THURSDAY, 10 OCT 2024
... penalty would be necessary for specific deterrence is comfortably within that $27 million," Tim Begbie KC told the court. Justice Lisa Hespe agreed the contraventions were serious and that there was a concern about the effect on members' retirement savings. ...

Global Capital Property to be wound up

KARREN VERGARA  |  TUESDAY, 8 OCT 2024
... conduct of UGC, Hewish, and related entities is continuing. The hearing last week saw the court appoint liquidators to GCPF. Justice Neskovcin also varied the freezing orders to allow the liquidators to take any action regarding GCPF's property. ...

Federal Court quashes ANZ appeal

KARREN VERGARA  |  THURSDAY, 3 OCT 2024
... Bank AG and four senior banking executives as defendants were also dismissed. Last October, in a civil penalty hearing, Justice Moshinsky found ANZ did breach continuous disclosure laws as it failed to inform the market that the underwriters of the placement ...