A Melbourne mortgage broker who filmed four police officers dying after they were hit by a truck after pulling him over for speeding in his Porsche has been banned by ASIC, a day before he’s set to be sentenced on criminal charges.
A court has tossed a lawsuit by Clive Palmer’s Mineralogy against ASIC, calling it an “ill-disguised collateral attack” against the regulator over criminal proceedings against the billionaire mining magnate over $12 million in payments made to his political party in 2013.
Two Westpac units have been hit with $10.5 million in fines for providing personal financial advice during a superannuation rollover campaign, with a barrister for ASIC noting the bank had not apologised or expressed regret for the conduct.
A judge has blasted an ex-Linchpin director’s delay in appealing a five-year disqualification ordered by ASIC and threatened to dismiss the appeal after he failed to comply with court orders.
A judge has criticised the liquidators of collapsed financial group Linchpin Capital after they failed to inform the court whether they intend to defend class action proceedings or if default judgment should be made against the company.
The former auditors of stockbroker Halifax Investment Services, whose 2008 collapse left around $200 million in client funds trapped, have been hit with $50,000 in fines for auditing breaches that resulted in the company continuing to trade while being prima facie insolvent.
Fintech software solutions company IOUPay has been granted relief from the court after issuing 20 million shares without lodging a cleansing notice with the Australian Securities Exchange.
A judge has refused to order Commonwealth Bank of Australia to publish notice of a $7 million penalty in a case brought by ASIC on its mobile app, but the bank will have to alert customers to its misconduct on its website and online newsroom.
Small business owners who turned to the Bank of Queensland for financial assistance were subject to unfair contract terms that created a “significant imbalance” in the rights of the bank and its customers, a court has held.
Westpac has released further details of its fraud claim against Bill Papas, founder of the Forum Group of Companies, painting a picture of an elaborate scheme to misappropriate $254 million to buy real estate, jewellery, luxury cars, racehorses and European football teams.