Embattled wealth advisor Dixon Advisory has filed for administration, saying its potential liability in two class actions and a $7.2 million penalty it agreed to pay in ASIC proceedings mean it is likely to become insolvent in the future.
Superannuation provider Statewide Super has been ordered to pay a $4 million penalty for an administrative error that saw around 12,500 fund members charged for insurance they did not receive.
A judge has rejected an “audacious” attempt by McMillan Shakespeare to recoup a surplus of funds left over after a $9.5 million class action settlement was distributed to registered group members.
Beleaguered investment group Mayfair 101 will have to pay a $30 million penalty after a judge found a $12 million penalty proposed by ASIC was “insufficient”.
A judge has criticised the Australian Securities and Investments Commission for treating timetabling orders in its insider trading case against Westpac over a $16 billion interest rate swap as though they were “traffic lights in Naples”.
The founder of construction giant Ralan Group will face public examination in the Federal Court as liquidators continue their investigations into the company’s $561 million collapse.
The former CEO and chairman of Antares Energy has been banned from managing corporations for four years and hit with a $40,000 penalty for failing to disclose to the market the buyer behind an ill-fated US$254 million acquisition of Texas oil assets.
Former ANZ super fund subsidiary OnePath overcharged more than $4 million in superannuation fees, according to regulatory action launched by the Australian Securities and Investments Commission on Tuesday.
The Australian Securities and Investments Commission has launched court proceedings against the self-proclaimed ‘wolf’ of the ASX, social media celebrity Tyson Scholz for allegedly providing financial services without a licence.
The Australia and New Zealand Banking Group has agreed to pay a $25 million penalty to resolve proceedings by the Australian Securities and Investments Commission alleging the bank short-changed hundreds of thousands of customers to the tune of $200 million.