Swoosh Finance: ASIC Alleges Breach of Responsible Lending Obligations LeapRate

December 19, 2024 BY Sam Boughedda

Swoosh Finance: ASIC Alleges Breach of Responsible Lending Obligations

ASIC alleges the lender breached responsible lending obligations and failed to comply with design and distribution obligations (DDO). According to ASIC, Swoosh entered loans with 11 consumers between October 2019 and October 2024 without adequately assessing their financial circumstances. ASIC claims many of these borrowers faced financial difficulties, with signs of distress such as negative…

eToro's crypto trading platform & wallet now available in 32 US states

September 13, 2024 BY Sam Boughedda

eToro USA to Cease Trading in Nearly All Crypto Assets

The SEC alleged that eToro operated as an unregistered broker and clearing agency by facilitating the buying and selling of certain crypto assets that were deemed securities. In response, eToro has agreed to pay a $1.5 million penalty, while it has also agreed to "cease and desist from violating the applicable federal securities laws and…

April 22, 2024 BY Elizabeth Anderson

CySEC Slaps CIF MCA Intelifunds With €360,000 Fine

According to a press release on Friday, 19 April 2024, the financial watchdog’s board claims that CIF transgressed numerous regulations in the Investment Services and Activities and Regulated Markets Law of 2017. The decision follows an investigation conducted in September 2022. A breakdown of this fine includes €80,000 for not having adequate policies and procedures…

April 08, 2024 BY Elizabeth Anderson

Terraform and Do Kwon Fraud Liability Casts Fresh Shadow Over Crypto

The collapse of the business resulted in investors losing approximately $40bn. This is a win for the US Securities and Exchange Commission (SEC), which lodged the case and constantly seeks greater control over the trading of crypto assets. Kwon also faces ongoing criminal cases in the US and South Korea. Based on Bloomberg information, he…

December 19, 2023 BY Nick Ranga

Google to pay $700m settlement to customers for unlawful app store fees

According to Yahoo!Finance, Google is expected to pay out $70m to a state fund which includes all 50 states, Puerto Rico, the Virgin Islands and the District of Columbia. Google is also set to pay $630m into a consumer settlement fund which will then send $2 minimum to eligible customers based on their Google Play…

November 10, 2023 BY Elizabeth Anderson

Possible reopening of EU tax case a €13bn headache for Apple

These probes allegedly found that Apple benefited from two Irish tax rulings. In terms of these, the tech giant only faced a 0.005% tax in 2014. The company legally challenged these allegations and, in 2020, the EU General Court ruled in favour of Apple, stating that the regulators involved missed the mark and could not…

September 18, 2023 BY Elizabeth Anderson

Wells-Fargo executive escapes prison time

Tolstedt captained the retail and small business lending institution from 2007 to 2016 and became the only top Executive to face criminal charges. This occurred after the company’s forceful sales culture, which resulted in opening millions of accounts and selling products customers did not want, came to light. Prosecutors in the case vied for a…

September 01, 2023 BY Elizabeth Anderson

Qantas Airline faces lawsuit over fraudulent flights

The crux is that these flight cancellations were typically due to circumstances that fell within the airline’s control, including re-routing, availability of landing and take-off runways in airports, and consumer demand. In the court filing, the watchdog Australian Competition and Consumer Commission suggested that tickets remained available on various airline comparison sites and Qantas’ website…

August 17, 2023 BY Elizabeth Anderson

Visa under the DOJ microscope once again

A world leader in payments, the company now finds its policies regarding this tokenisation initiative under the DOJ microscope. Visa confirmed that the department’s antitrust arm requested information on US-based debit card practices in May 2023. When using tokenisation technology, those with sensitive card numbers can use a token to make payments. This token is…

August 01, 2023 BY Alan Sayer

Richard Heart in hot water after SEC charges

On his website, Heart, also known as Richard Scheuler, proclaims himself as a kind of modern-age guru, with his products holding the answer to all political, economic, and social issues. He stated that: “I receive sincere thanks from multiple people every day for changing their life meaningfully. I’ve gotten thousands of people to stop gambling,…

Category: Charges