The prosecution in a criminal cartel case against several banks and high-ranking executives over a $2.5 billion ANZ share placement has fought back against accusations that its indictment is “fundamentally flawed” and should be quashed.
The Australian Securities and Investments Commission has taken the Commonwealth Bank of Australia to court for slapping nearly 1 million customers with unauthorised monthly access fees totaling $55 million over a nine-year period.
The Australian Securities and Investments Commission will seek to drop all charges which were the subject of an arrest warrant against accused fraudster Melissa Caddick, after her remains were found on the NSW South Coast in February.
A class action by investors of collapsed Linchpin Capital against the company’s former directors wants to join their insurers as defendants to the proceedings.
A judge has questioned why ASIC is still pursuing its case CBA unit Colonial First State over statements made to 12,000 fund managers during the transition to MySuper accounts, after the bank admitted it misled members in 61 of the 80 phone calls at the heart of the case.
A former financial advisor employed by an IOOF unit accused of taking hefty commissions for steering investors towards risky investments contravened the financial advice provisions of the Corporations Act, a judge has found.
A judge has handed ASIC a victory in finding that investment group Mayfair 101 misled investors about the level of risk of its financial products, a ruling that will expose the group to pecuniary penalties at a time when a number of its entities have been wound up.
Whistleblower JPMorgan can’t be a witness in a criminal cartel case over a $2.5 billion ANZ share placement that has ensnared several investment banks and top executives and claim privilege over witness statements relevant to the case, a court has heard.
The Acting Attorney-General has made two appointments to the Federal Court, including the barrister representing ASIC in its high-stakes cases against Rio Tinto and GetSwift.
The director of now defunct foreign exchange and derivative trader Forex Capital Trading has been banned from providing financial services for 10 years after ASIC found he had a serious lack of regard for compliance while overseeing the firm’s Wolf of Wall Street-esque trading floor culture.