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Regulatory

Director charged over illegal investment scheme

JAMIE WILLIAMSON  |  THURSDAY, 8 JUN 2023
A former financial adviser is facing several charges of dishonest conduct and dealing in proceeds of crime after he convinced clients to open SMSFs to invest in businesses he owned, all while operating unlicensed.

Coinbase sued as US crackdown continues

JAMIE WILLIAMSON  |  WEDNESDAY, 7 JUN 2023
The Securities and Exchange Commission (SEC) filed a suit against Coinbase for, among other things, allowing users to trade unregistered securities. It follows Binance being sued just yesterday.

ASIC bans former Madison adviser

CASSANDRA BALDINI  |  TUESDAY, 6 JUN 2023
Brisbane-based financial adviser Stephen Vick received the ban for recommending his clients roll over their existing superannuation to a newly established self-managed superannuation fund (SMSF) and borrow to invest in residential property.

ASIC chair calls out greenhushing

RACHEL ALEMBAKIS  |  TUESDAY, 6 JUN 2023
Greenhushing - in which companies stop all voluntary disclosure of ESG information - is just another form of greenwashing, according to ASIC chair Joe Longo.

SEC sues Binance, chief executive

JAMIE WILLIAMSON  |  TUESDAY, 6 JUN 2023
The Securities and Exchange Commission is suing the world's largest crypto exchange and its chief executive Changpeng Zhao for allegedly lying to regulators and mishandling billions of investor dollars.

Fraudulent property director charged

CHLOE WALKER  |  TUESDAY, 6 JUN 2023
Michael David Steele has been charged with seven counts of fraud after he misled 14 investors into using their superannuation and other savings to invest a property development.

Collapsed trading house hit with charges

CHLOE WALKER  |  MONDAY, 5 JUN 2023
Two former directors of collapsed retail over-the-counter derivatives provider Berndale Capital Securities have been charged with dishonesty offences, including misusing over $1 million in company funds.

ASIC issues first-of-its-kind stop order

CASSANDRA BALDINI  |  MONDAY, 5 JUN 2023
Mitrade Global has been hit with the first stop order to be issued under the design and distribution obligations' (DDO) failure to take reasonable steps provision, with the order relating to its distribution of contracts for difference (CFD).

Spaceship told to cease super, funds distribution

JAMIE WILLIAMSON  |  FRIDAY, 2 JUN 2023
Spaceship is the first superannuation fund to be slapped with stop orders, which have also been applied to its Voyager Funds series.

TPB grilled over handling of PwC scandal

JAMIE WILLIAMSON  |  THURSDAY, 1 JUN 2023
Fronting a Senate Estimates hearing, the Tax Practitioners Board (TPB) said it has no plans to suspend PwC, nor has it formally considered whether the consultant breached legislative requirements to act honestly and with integrity.