Former financial adviser, Gabriel Nakhl, was convicted in the District Court of New South Wales on 8 June 2018 on 8 charges brought by ASIC of engaging in dishonest conduct with investor funds, the Australian regulator announced earlier today. Mr Nakhl, of Illawong, NSW pleaded guilty to being knowingly engaged in dishonest conduct in relation…
Read moreAustralian regulator ASIC has informed the public that it has commenced civil penalty proceedings in the Federal Court of Australia against Frank Cullity Wilson, former managing director of Quintis Limited (Quintis), for failing to discharge his duties as a director under section 180 of the Corporations Act 2001 (Cth). ASIC is alleging that by failing…
Read moreAustralian regulator ASIC has announced that it has commenced proceedings in the Federal Court of Australia against Westpac Banking Corporation in relation to alleged poor financial advice provided by one of its former financial planners, Mr Sudhir Sinha. In Court documents filed yesterday, ASIC alleges that, in four sample client files selected by ASIC, Mr…
Read moreThe Securities and Exchange Commission (SEC) announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately…
Read moreThe UK Financial Conduct Authority (FCA) has just informed that His Honour Judge Grieve QC sitting at the Central Criminal Court has increased the value of a confiscation order made against Benjamin Wilson, a convicted fraudster, from 1 to 31,905.33, . The increased order must be paid within 28 days or Mr Wilson will face…
Read moreThe Hong Kong Securities and Futures Commission (SFC) announced that it has publicly censured and imposed a 24-month cold-shoulder order against Chan Shing for breaching the mandatory general offer obligation of the Takeovers Code. Chan was the chairman and managing director of Burwill Holdings Limited at the time the breach took place. He and his…
Read moreThe Securities and Exchange Commission (SEC) has informed the public that it has charged a former registered representative with defrauding long-standing brokerage customers in an $8 million investment scam. According to the SEC’s complaint, Steven Pagartanis, who was affiliated with a registered broker-dealer, told some investors – including retirees who had been Pagartanis’s customers for…
Read moreFollowing an ASIC investigation, former financial adviser Ben Jayaweera, of Upper Mt Gravatt, has today appeared in the Brisbane Magistrates Court charged with six counts of fraud involving approximately $5.9 million. ASIC alleges that between September 2013 to October 2015, Mr Jayaweera dishonestly caused a detriment to numerous clients whilst an authorised representative of Growth…
Read moreA decision to disqualify Mr Lubo Zivanovic, of Bilgola Beach, NSW, from managing corporations for three years, has been affirmed by the Administrative Appeals Tribunal (AAT), ASIC announced earlier today. ASIC disqualified Mr Zivanovic on 18 February 2016, following his involvement in the management of numerous failed companies, namely: Oneover Pty Ltd (ACN 105 854…
Read moreThe Securities and Exchange Commission (SEC) announced that it has charged the owner of a Manhattan-based alternative investment firm with misappropriating close to $6 million in investor funds earmarked to finance the construction of an international airport in Belize. The SEC’s complaint alleges that between 2014 and 2017, Brent Borland sold more than $21 million…
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