ASIC has called for a $15 million penalty against GetSwift and 12-year bans against its directors, who moved the logistics company overseas as the regulator’s enforcement action was on foot, a move the court on Tuesday said was “unprecedented”.
Insurer Select AFSL acted unconscionably when selling life, funeral and accidental injury insurance over the phone, a court has found in a case brought by the Australian Securities and Investments Commission.
The Australian Securities and Investments Commission has filed civil penalty proceedings against advisory firm Lanterne Fund Services, alleging it ran a “wholly deficient business”.
The corporate regulator has reprimanded a liquidator for “serious” breaches of independence rules, and has directed the insolvency practitioner to refuse appointments until next year.
A judge has signed off on a $4.7 million settlement in two investor class actions against collapsed sandalwood producer Quintis, two year after an earlier settlement was scuttled as group members kicked off an insurance dispute in pursuit of a better return.
ASIC has brought court proceedings against wealth manager Mercer Financial Advice, alleging the company charged fees for services it did not provide and made false and misleading representations to thousands of customers.
A judge has rejected a bid by the corporate regulator to access an unredacted PricewaterhouseCoopers report commissioned by coal miner TerraCom ahead of a challenge to a decision that cleared the way for the regulator to eye the document as part of an investigation.
ASIC has won an appeal of a judge’s decision that found Gold Coast-based payday lenders Cigno and BHF did not need a licence to issue loans to hundreds of thousands of consumers.
A former Sigma Healthcare executive has been sentenced to a suspended term of 14 months’ in prison after pleading guilty to trading on insider information.
ASIC has renewed its bid to see a PricewaterhouseCoopers report commissioned by TerraCom in order to defend the coal mining company’s appeal of a judgment that found the regulator could view the report because of public statements made by the company.