The former chief financial officer of delisted Traditional Therapy Clinics has appeared in court after pleading guilty to market manipulation charges relating to transactions intended to create an artificial share price for the traditional therapy clinic company.
Creditors of the company run by missing Sydney businesswoman Melissa Caddick are unlikely to recoup their investments, with a court hearing the accused fraudster has just $5,600 in her bank accounts.
A judge will not let proceedings brought by ASIC against four former Linchpin Capital directors drag on, slamming a “vague” excuse from one of the directors, who awaits word from his insurers on whether his defence costs will be covered, that London is still in a state of “total confusion” due to COVID-19.
Forty-four charges have been outlined in a long-awaited indictment in a criminal cartel case over a $2.5 billion ANZ share placement, including 29 charges against top executives from ANZ, Deutsche Bank and Citigroup.
Two insurance brokers have dodged being dragged into class action proceedings against sandalwood producer Quintis to boost a settlement reached last year, as a fight over insurance owed to the company to cover the settlement continues.
Further attempts to settle a securities class action against last mile logistics software firm GetSwift would be like flogging a dead horse, a judge has heard as the matter works its way towards a final hearing.
Commonwealth Bank of Australia could be on the hook for a large penalty after the court found the bank engaged in misleading and deceptive conduct and violated its financial services obligations on more than 12,000 occasions by overcharging customers more than $2.2 million in interest.
GetSwift has been criticised for its “quite unfair attack” on a Federal Court judge who refused to disqualify himself from hearing a shareholder class action against the logistics software company after presiding over ASIC’s civil penalty proceeding against the company.
The Australian Securities and Investments Commission presented its misleading and deceptive conduct case against companies in the Mayfair Group in an undefended trial on Monday, while the beleaguered investment group’s director watched the online proceedings as a muted observer.
Proceedings launched by ASIC in December accusing the Commonwealth Bank of Australia of saddling consumers with $2.9 million in inflated interest rates on their business overdraft accounts on more than 12,000 occasions will move swiftly to a penalties hearing.