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Showing 71 - 80 of 891 results for "Banned"

Convicted adviser banned over $2m theft

MATTHEW WAI  |  MONDAY, 10 FEB 2025
Former financial adviser Lachlan King has been permanently banned by ASIC for stealing close to $2 million in client funds, including family members. The banning took effect on February 5, with Queensland-based King currently in prison after being convicted ...

ASIC bans adviser fraudster found with child abuse material

ANDREW MCKEAN  |  WEDNESDAY, 29 JAN 2025
ASIC has permanently banned Brisbane-based financial adviser David Cubilla following a $640,000 fraud conviction; he was also found guilty of using online services to access and possess child abuse material. Cubilla, who was recently an authorised representative ...

South Australian financial adviser slapped with seven-year ban

ANDREW MCKEAN  |  FRIDAY, 6 DEC 2024
South Australian financial adviser Bruce Davis has been banned for seven years by ASIC. Davis, who was the sole director and responsible manager of Wise Investment Advisers, has been barred from providing financial services, controlling an entity that ...

MLC trustees to pay $65m in MySuper class action settlement

JAMIE WILLIAMSON  |  FRIDAY, 6 DEC 2024
... members were left idling in products that attracted higher fees and commissions to financial advisers that would have been banned in a MySuper option. In December 2020, the Supreme Court of Victoria ruled the case invalid saying prospective losses are ...

Macquarie fined $25m over 400 fake trades

MATTHEW WAI  |  WEDNESDAY, 27 NOV 2024
... losses recorded and reported. The trades did not have any effect on the market. In relation to the incident, the FCA has banned Klein from the financial services industry; he would have been subjected to a fine if his application for serious financial ...

Former adviser charged with dishonest conduct

KARREN VERGARA  |  TUESDAY, 19 NOV 2024
... investigating him for allegedly providing false or misleading information to ASIC during an examination. In 2023, ASIC permanently banned Ridgway from having any involvement in financial services. ASIC determined a permanent ban was necessary due to ...

JP Morgan subsidiaries fined $230m by regulator

JAMIE WILLIAMSON  |  FRIDAY, 1 NOV 2024
... to have caused 65 prohibited principal trades valued at about $12.5 billion (US$8.2bn). Principal trades are generally banned to avoid undisclosed conflicts of interest, the SEC explained. In order to conduct the trades, the SEC found that a JPMIM portfolio ...

Queensland-based financial firm loses AFSL

MATTHEW WAI  |  FRIDAY, 25 OCT 2024
... also in liquidation and was ordered to be wound up earlier this month. The sole director of the firm Joel Hewish was also banned from working in the industry for 10 years. ASIC explained at the time UGC had advised prospective clients to establish self-managed ...

Regal indicted for alleged short-selling breach

KARREN VERGARA  |  MONDAY, 21 OCT 2024
... a fine of more than three times and up to five times the avoided loss amount," the FSC said. In November 2023, the FSC banned short selling in domestic stock markets up until the end of June due to its concerns about naked short-selling activities taking ...

ASIC bans adviser who misled TPB

JAMIE WILLIAMSON  |  WEDNESDAY, 9 OCT 2024
ASIC banned a financial adviser who was found to have lied to the Tax Practitioners Board (TPB) to remain registered and provided advice to clients despite being unable to manage his own tax affairs. John Hazell, formerly managing director of Richmond ...