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Adviser jailed over $2m Ponzi scheme
JAMIE WILLIAMSON  |  TUESDAY, 4 AUG 2020
A former financial adviser and licensee director has been sentenced to six years' imprisonment for misappropriating close to $2 million for his own use. Graeme Walter Miller of Myocum, New South Wales was sentenced on July 31 after pleading guilty to ...
Regulatory, legal exam questions trip up advisers
ELIZABETH MCARTHUR  |  MONDAY, 3 AUG 2020
FASEA has revealed the areas that financial advisers struggle with in the exam - with regulatory and legal questions presenting a challenge. In the June FASEA exam results for the first time the authority has provided some feedback from the exam data ...
Another sentenced in ATO fraud
ELIZA BAVIN  |  MONDAY, 3 AUG 2020
A man has been sentenced to over seven years in jail for his role as principal conspirator in a syndicate alleged to have defrauded the Commonwealth of more than $105 million over three years. Simon Anquetil pleaded guilty to charges of conspiring to ...
AIST pushes for policy reform
ALLY SELBY  |  THURSDAY, 30 JUL 2020
The Australian Institute of Superannuation Trustees has pushed for greater regulatory reform, in a bid to scale up super fund investment in infrastructure, energy and housing. In a statement sent to state governments, relevant department heads and the ...
Watchdog warns of celebrity-endorsed bitcoin scams
ALLY SELBY  |  THURSDAY, 30 JUL 2020
ASIC has uncovered several cryptocurrency scams using Australian celebrities, prominent news sites, and government agencies to reel in investors. Endorsements from celebrities and business figures such as Waleed Aly, Mike Baird, Celeste Barber, Andrew ...
Banks ordered to reduce dividend payout ratios
KANIKA SOOD  |  WEDNESDAY, 29 JUL 2020
... their capital resilience, including the material volume of loan repayment deferrals (which are subject at present to regulatory concessions), greater financial impact from COVID-19, and restrictions on dividends from their New Zealand operations. APRA ...
Hobart adviser cops ban
ALLY SELBY  |  WEDNESDAY, 29 JUL 2020
ASIC has banned a Hobart-based financial adviser from providing financial services for five years after he encouraged clients to inappropriately double gear their investments. Meritum Financial Group authorised representative David Horton has been banned ...
ASIC terminates illegal investment scheme
ALLY SELBY  |  WEDNESDAY, 29 JUL 2020
The Federal Court has taken action to dissolve an unregistered investment scheme operated by a former AMP authorised representative. MyWealth Manager was operated by Mustafa Mohammed, along with Mahek Mustafa, Mubashir Mohammed. The scheme related to ...
Debt vulture crackdown welcome
ELIZABETH MCARTHUR  |  WEDNESDAY, 29 JUL 2020
... services that require a license. Now there are suggestions debt management and credit repair firms held to the kind of regulatory and ethical standards financial advisers are held to. The Consumer Action Law Centre wants these debt assistance providers ...
Investment strategies need to change: GSFM
ELIZA BAVIN  |  TUESDAY, 28 JUL 2020
... crafted." Miller said the world has hit an inflection point when it comes to policy with "tectonic shifts" in both the regulatory and macro fronts. "Investors too, are at a crossroads. Bond yields are at historic lows, and while listed equities are not ...
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