The former CEO of failed coconut water venture CoCo Joy, which once sponsored the Manly-Warringah Sea Eagles NRL team, faces charges he managed the company while disqualified due to bankruptcy.
The Australian Securities and Investments Commission has cancelled the licence of embattled former accountant Vanda Gould.
The Commonwealth Bank’s wealth management unit has agreed to cough up $20 million in penalties for misleading thousands of fund members during the transition to MySuper accounts, but steadfastly maintains its conduct was not part of a “nefarious” plot for profits.
The Australian Securities and Investments Commission has launched court proceedings against superannuation trustee Diversa for allegedly failing to take appropriate action in response to a financial advisor who was under investigation.
A judge overseeing a cartel case over a $2.5 billion ANZ share placement has granted ANZ’s bid for unredacted documents which the bank says will support its claims that the case should be permanently stayed because of improper dealings between whistleblower JPMorgan, ASIC and the ACCC.
IOOF unit RI Advice has lost its bid to strike out ASIC’s novel case claiming it failed to protect its clients against cybersecurity risks, but a judge has chastised the regulator for causing “needless confusion” and “wasted time”.
Financial services provider AMP has hit back at ASIC’s civil penalty action alleging it charged super members fees for no service, saying it was not involved in its licensees’ contraventions.
A $78 million class action against National Australia Bank and Walton Construction seeking compensation for sub-contractors after the company’s collapse has halted as lawyers scramble to comply with the managed investment scheme requirements for funded class actions implemented by the Morrison government.
The founder of embattled investment group Mayfair 101, James Mawhinney, has said he received legal advice approving the company’s advertising of financial products that a court has found misled investors.
The Australian Securities and Investments Commission says beleaguered investment group Mayfair 101 should pay a $12 million penalty after a judge found the company misled investors about its financial products.