The regulator said Duncan Stewart pleaded guilty last year to purchasing more than $130,000 worth of Kidman shares in April 2019 while holding confidential knowledge of Wesfarmers’ bid. He sold the shares after the deal was announced publicly in May 2019, realising a profit of nearly $65,000. He was ordered to pay back the profit…
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According to FINRA’s Letter of Acceptance, Waiver and Consent, the firm conducted securities business on nine occasions between November 2020 and April 2023 while below the capital levels required under U.S. securities law. Net capital deficiencies ranged from around $1,000 to $33,000, FINRA said. During the same period, Madison Global Partners took part in firm…
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ASIC stated that the orders, first imposed on 15 August, have now been continued until further notice. They are said to prevent Mr Cotton and First Mutual from moving money between bank accounts or taking on new liabilities. Mr Cotton has also been directed to file affidavit evidence detailing the assets and liabilities of both…
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According to FINRA, between September 2009 and July 2022 Jefferies inaccurately calculated its customer and proprietary accounts of broker-dealers (PAB) reserve formula. The errors are said to have led to 136 customer reserve deficiencies and three PAB reserve deficiencies, at times amounting to shortfalls of more than $500 million. FINRA said the failures resulted in…
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The cancellation, which took effect on August 11, 2025, ends more than a decade of the brokerage’s operations under its licence. AIMS, which provided forex and derivatives services, lost its authorisation after failing to submit financial statements, meet organisational competence requirements and comply with financial services law. ASIC also said the firm had not paid…
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According to a report by the Australian Securities and Investments Commission (ASIC), Justice Button ruled that Mr Mawhinney demonstrated a “willingness to adopt a reckless approach to the conduct of a financial services business,” extending the total period of restraint orders against him to 20 years. He has been subject to interim bans since August…
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The penalty follows Revolut’s self-disclosure that it had failed to submit international funds transfer instructions within the timeframes required under the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act. The company has since paid the notice in full. AUSTRAC Chief Executive Brendan Thomas said Revolut co-operated with the regulator and took steps to remedy the…
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The penalty follows an investigation by the Australian Securities and Investments Commission (ASIC), which found SocGen breached market integrity rules by allowing two clients to place 33 suspicious orders between May 2023 and February 2024. ASIC said each order bore signs of an attempt to “mark the close”, where trades are placed just before market…
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ASIC determined that Mr Petrovic advised clients to establish self-managed superannuation funds and direct significant portions of their retirement savings into the Global Capital Property Fund Limited (GCPF), a related property investment company which is also now in liquidation. The regulator found Mr Petrovic had not acted in his clients’ best interests, failed to provide…
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The conviction stemmed from Trevillian’s creation and distribution of forged performance verification reports, which were used to solicit investments from clients of AlphaThorn Pty Ltd. ASIC said the conduct demonstrated serious dishonesty and warranted the strongest possible regulatory response. Under the Corporations Act 2001 and the National Consumer Credit Protection Act 2009, ASIC may permanently…
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