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The Australian Securities and Investments Commission is targeting predatory lending, greenwashing and crypto-assets as rising interest rates cause consumers to turn to fringe sources of credit.
A prominent criminal lawyer has been charged with supplying millions of dollars in criminal proceeds as part of a $4.5 million money laundering scheme.
Hillsong Church has denied whistleblower allegations of extensive financial misconduct, claiming an employee was “not correct” to accuse the megachurch of funnelling donations through US bank accounts to skirt Australian charity regulations.
The NSW gaming regulator has suspended the Star Entertainment Group’s casino license and handed it a $100 million fine after uncovering anti-money laundering breaches and “inherently deceptive” misconduct.
Two former employees of the Snowy Mountain Engineering Corporation have appeared in court facing foreign corruption charges linked to Sri Lankan infrastructure projects worth $14 million.
The self-declared “wolf trader” of the Gold Coast, Tyson Scholz, has won his bid to exclude ASIC’s evidence about the meaning of his tweets in its case accusing him of providing unlicensed financial services.
Fintech Humm has admitted to making “misrepresentations” to Japanese bank SMBC over allegedly worthless receivables linked to Forum Finance but has denied it was negligent, claiming a Forum Group unit should share the burden of paying any damages in the $33.6 million lawsuit.
Two receivers for unlicensed investment scheme A One Multi Services have lost their bid to have 85 per cent of their future remuneration paid out immediately, with a judge agreeing with the corporate regulator that the receivers should not have “what are in effect trust funds”.
The federal prosecutor has argued that the former export manager of pharmaceutical ingredient producer Alkaloids of Australia should serve prison time after pleading guilty to cartel conduct over the supply of a key chemical in generic stomach cramp drugs.