The Aussie watchdog discovered that despite the ban which is in force until 5 September 2024, Toledo continued to provide financial advice and deal in financial products. Moreover, according to the regulator, he provided financial advice to a SMSF to invest in Premier Realty Group Pty Ltd and arrange a sale of 70,000 shares in…
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Prior to the official announcement by PanAust of the takeover bid on 30 March 2015, Li acquired 390,000 PanAust CFDs during the period between 19 and 26 March 2015. He also made his wife acquire 265,000 PanAust CFDs between 22 and 26 March 2015. In sentencing, Judge Rinaudo said: [He] took an unfair advantage when…
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Rickard added: Australians should be very wary of anyone asking them to invest in or transfer money using cryptocurrency, especially if it’s someone you have only met online. Many consumers are unfamiliar with the complexities of cryptocurrency and this can make them more vulnerable to scams. Between January and May 2022, there has also been…
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The regulator alleged that the bank has not adequately fixed the problem and that customers continue to be affected. Between May 2016 and September 2021 ANZ also made false and misleading representations regarding withdrawal fees. According to the regulator, the bank continued with the misleading representation even after that period. Court added: This alleged misconduct…
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ASIC stated: As expected, retail clients have not made any losses (or profits) from trading binary options with licensed issuers since the product intervention order took effect. The regulator pointed out that during the period of the ban, 68% of wholesale clients lost money trading binary options in that period as the ban does not…
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A need for cyber security measures The matter of cyber security measures as part of the obligations of AFS licensees arouse from a ruling of the Australian federal court against a RI Advice Group Pty Ltd. The company was found in breach of its AFS license obligations because of a lack of adequate risk management…
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The administrators Stephen Graham Longley and Craig David Crosbie, informed ASIC that most of Dixon Advisory’s clients have transitioned to alternate financial services providers. The AFS licence suspension allows the company to continue its operation until 9 May 2022 so that its existing clients can move to alternative providers. Earlier in April, ASIC took action…
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ASIC Commissioner Cathie Armour said: We have seen a substantial reduction in harm to retail clients resulting from CFDs as a result of ASIC’s product intervention. Commissioner Armour added: Our extension of the product intervention order for five years will ensure that the leverage ratio limits and other protections can continue to reduce the size…
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Court added: ASIC’s case is not focused on Mr Hopkins’ conduct but rather on alleged multiple failures by Macquarie to take proper steps to monitor, detect and prevent unauthorised transactions’. According to the Australian watchdog, the transactions were conducted between May 20016 and January 2020. During this time, Macquarie failed to take measures to prevent…
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The regulator said: ASIC is satisfied that Mr Babbage lacks the honesty and integrity to participate in the financial services and credit industries. Babbage was an authorised representative of Wealthsure Pty Ltd from February 2013 to March 2014 and of Capstone Financial Planning Pty Ltd from March 2014 to 14 October 2021. He was also…
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