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Showing 71 - 80 of 254 results for "Bankrupt"

Adviser stole $200k from SMSFs

ELIZABETH MCARTHUR  |  TUESDAY, 6 AUG 2019
The Australian Securities and Investments Commission (ASIC) permanently banned a former financial adviser who stole more than $200,000 from client self-managed superannuation funds. Robert Michael of Bentleigh, Victoria has been permanently banned from ...

US bonds present ESG problem

ELIZABETH MCARTHUR  |  MONDAY, 15 JUL 2019
Schroders' global head of stewardship believes ESG-focused investors should exercise caution before investing in US corporate bonds. Schroders global head of stewardship Jessica Ground told a media briefing in Sydney recently that some US corporate ...

ASIC boosts AFSL application requirements

HARRISON WORLEY  |  MONDAY, 8 JUL 2019
ASIC has altered the procedure it uses to assess Australian Financial Services Licence applicants, with many now required to provide more historic information to the corporate regulator. ASIC released information sheet 240 to help guide for AFSLs affected ...

Former adviser cops 10-year prison sentence

JAMIE WILLIAMSON  |  MONDAY, 18 MAR 2019
A former financial adviser has been jailed for 10 years for using more than $6 million in client funds for his own purposes. Gabriel Nakhl was found guilty of engaging in dishonest conduct and sentenced to 10 years' imprisonment by the District ...

Ponzi scheme fined $1.4bn

KANIKA SOOD  |  WEDNESDAY, 30 JAN 2019
A Ponzi scheme that allegedly duped 8400 retail investors in the US has been ordered to pay US$1 billion in penalties and disgorgement. Woodbridge Group of Companies LLC and its former owner and chief executive Robert H. Shapiro lured retail investors ...

Chief economist update: Famous last words

BENJAMIN ONG  |  TUESDAY, 28 AUG 2018
The S&P 500 index closed at 2896.74 points at the end of last night's trading activity on Wall Street. Yes, Virginia, it's a new record high! Yippee-kay-yay and hallelujah! This is good for stock markets around the world, including Australia. ...

ASIC hits former NAB adviser with permanent ban

ALEX BURKE  |  WEDNESDAY, 18 APR 2018
... client funds which were marked for specific investments. He used this money for personal and business expenses, and went bankrupt in 2017. In addition to the unauthorised withdrawals, Taylor also maintained he was a representative of GWM after June 2013 ...

Former Lehman Brothers chief unveils new asset manager

ALEX BURKE  |  TUESDAY, 7 NOV 2017
The creation of a new US asset manager represents former Lehman Brothers chief executive Dick Fuld's most public Wall Street comeback since Lehman's collapse in 2008. Targeting high net worth individuals, family offices and institutions, Matrix Private ...

Banks will step out of wealth: Medcraft

DARREN SNYDER  |  TUESDAY, 31 OCT 2017
... company directors. It's a big step forward." ASIC has called for backup compensation to whistleblowers should a company go bankrupt in the meantime. He said whistleblowers give the regulator some of its best intelligence. ASIC created a whistleblowing ...

ASIC bans Melbourne insurance broker

EMMA RAPAPORT  |  FRIDAY, 24 FEB 2017
... clients, adding "the investing public needs to be able to trust those who provide financial services." Doring was made bankrupt in 2016 and PDIB placed into liquidation. His ban will be recorded on ASIC's register of financial advisers