Clients of Linchpin Capital Group and subsidiary Endeavour Securities who were promised investments in a diversified loan portfolio were instead duped into funding Linchpin’s own business interests and lining its directors’ pockets, a judge has heard as trial got underway in ASIC’s case against three former Linchpin directors.
Mining giant Rio Tinto has been ordered to pay a $750,000 penalty in ASIC’s case over a disclosure breach linked to its $5.8 billion purchase of a Mozambique coal mining company.
Directors have been warned by the corporate regulator to take an active role in the management of cyber risks or face enforcement action.
Commonwealth Bank unit CommSec has agreed to pay a $20 million penalty for a series of “serious and unacceptable” failures that lead to excessive fee charges, a court has heard.
Administrators for building giant ProBuild have won more time to examine its assets as they try to avoid the “nightmarish prospect” of costly delays to the company’s projects.
The Australian Securities and Investments Commission has dropped all but one claim against Rio Tinto in a four-year-long case over disclosures related to its troubled $5.8 billion acquisition of a Mozambique coal mining business and abandoned all claims against the mining giant’s former CEO and CFO.
The self-declared “wolf trader” of the Gold Coast, Tyson Scholz, will not have to provide a concise statement in response to the Australian Securities and Investments Commission’s case accusing him of providing unlicensed financial services, a judge has ruled.
Former legal representatives of companies in the Mayfair 101 group are considering an application to strike out part of an appeal that alleges their “flagrant incompetence” led to director James Mawhinney copping a 20-year ban on soliciting investor funds.
Logistics company GetSwift and its directors are appealing a win for ASIC in the regulator’s case that alleged they breached their continuous disclosure obligations and engaged in misleading and deceptive conduct in the release of 22 ASX announcements.
The Australian Securities and Investments Commission has lost an interim injunction bid against the director of investment firm Mayfair 101 in its case seeking a contempt finding, despite arguing there was a substantial risk of harm to consumers.