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ASIC

Following an ASIC investigation, the Federal Court of Australia has wound up Australian financial services Licensee CFS Private Wealth Pty Ltd and Combined Financial Solutions Pty Ltd, a corporate authorised representative of CFS Private Wealth, and restrained its director, Graeme Walter Miller, from providing financial services for 25 years. Miller is also disqualified from managing corporations for three years.

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Another day, another judgment against an Australian banking group for misconduct. The Australian Securities and Investment Commission's civil action against two WestPac group companies ended with findings of fault - but, again, ASIC has not succeeded on grounds upon which it thought it was safe. Spoiler alert: the case was commenced before the start of the Royal Commission on Misconduct in Banking, etc.

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Mrs Shilpa Karandikar and Mr Shrikrishna Karandikar have pleaded guilty in a magistrates' court in Australia after breaching a banning order made following an ASIC investigation.

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A former financial planner from Melbourne, Australia, has been prosecuted by the regulator the Australian Securities and Investments Commission (ASIC)

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It's one of those times where there is double take. Are you reading it right? A Court has said it will not approve an agreed settlement between a financial institution and a regulator? Oh, OK, it must be that the Court thought that the penalty was too light and he's sent the parties away to decide how much more should be paid, or perhaps penalties beyond money should be added?

No, that's not it. It's far more fascinating than that.

(previous story)

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Sydney-based authorised representative Eli Ekman, of Dover Heights, NSW, has been prohibited from providing any financial services in any capacity for five years, under the terms of a court-enforceable undertaking (EU), said Australian financial services regulator ASIC in a statement this week. His offence is unusual.

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Australia's ASIC is warning companies that they have until only 27 September to file a new set of data.

CoNet Section: 

ASIC has taken action to stop several proposed initial coin offerings or token-generation events (together, "ICO"s), targeting retail investors.

Australian Securities and Investments Commission (ASIC) has announced that in an agreed settlement before the Federal Court, Australian financial services group Westpac will pay a civil penalty of AUD35 million after admitting breaches of Australia's responsible lending rules. The door-of-the-court settlement avoids a lengthy trial that should have started yesterday.

*** Update: see Westpac's new best friend? Australian Federal Court rejects settlement with regulator ***

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This morning some media is abuzz with news of an AUD700m settlement between ASIC and Commonwealth Bank of Australia, sometimes known as "CommBank" and sometimes as "CBA". CBA was first out of the stocks with its press release. Then AUSTRAC released the draft Order that will be put before the Court in settlement. What jumped out?

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A scam-spam has been received from the fake internet domain WESTEMUNION.COM

(see update, below)

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Ben Jayaweera, of Upper Mt Gravatt, has today appeared in the Brisbane Magistrates' Court charged with six counts of fraud involving approximately AUD5.9 million.

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Yesterday, we were supportive of Westpac in a case where adverse social reaction did not take account of the realities of the case. Today, they are getting a well deserved kicking from Beach, J in the Australian High Court. His Honour's language bordered in the intemperate in his obvious anger.

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Australia's Royal Commission into financial services has criticised the Australian Securities and Investment Commission (same word, different meaning) in relation to so-called enforceable undertakings. There is a problem but in part it's caused by factors outside ASIC's control.

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The Australian Securities and Investments Commission (ASIC) has permanently banned financial adviser Ezzat-Daniel Nesseim from providing financial services.

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