The trustee of Mayfair Group’s collapsed IPO Wealth Fund has denied claims in a class action that it misled investors who lost $86 million when the fund was wound up, and says it is fully indemnified for the class action’s claims under an agreement with the fund.
An ASIC review has found that 17 per cent of clients of IOOF unit RI Advice may have been exposed to harm, one month after a judge found that one of its former advisors violated the law by steering investors towards risky investments.
Two months after the remains of accused fraudster Melissa Caddick were discovered on a NSW beach, ASIC is seeking to appoint final receivers to realise her assets, although the family and friends who invested tens of millions with the Sydney businesswoman are not expected to fully recoup their investments.
The judge who vowed last year to move a criminal cartel case over a $2.5 billion ANZ share placement to trial “before we all retire” will soon weigh the ACCC’s claim for privilege over statements from JPMorgan witnesses it has been accused of pressuring during its investigation, two months after a different judge heard a still unresolved privilege fight in the long-running case.
The publisher of the Australian Financial Review has settled a defamation lawsuit by iSignthis CEO John Karantzis over an article by Rear Window columnist Joe Aston that allegedly falsely linked him to a money laundering scheme.
A Perth director of six companies that were wound up owing $100 million to creditors has dropped a challenge to his disqualification by ASIC, after unsuccessfully arguing before the Full Court that an email from the corporate regulator forwarded by his lawyer did not constitute proper service.
The founder of beleaguered investment group Mayfair 101, James Mawhinney, has been slapped with an order banning him from soliciting funds or promoting any financial product for 20 years.
A judge has ordered ASIC to provide more detail in its case accusing personal lender ClearLoans of contravening the hardship provisions of the credit laws, in the regulator’s first case related to the COVID-19 pandemic.
A judge has ordered ASIC to flesh out its case accusing the Retail Employees Superannuation of misleading members about their ability to move their super out of the REST Trust, given the “significant” allegations that a deliberate system was behind the superannuation trustee’s alleged misconduct.
The corporate cop has launched action against banking giant Westpac for allegedly selling worthless add-on credit card insurance to unwitting customers, the first of what could be a series of cases against banks in the wake of a remediation program that has returned $250 million to hundreds of thousands of account holders with 11 major lenders.