ASIC noted that in some cases, the money Ali received from investors had come from investors’ self-managed superannuation accounts. In 2018, in the midst of ongoing civil proceedings against him and an ongoing investigation, Ali left Australia. He was arrested in Poland in November 2021 after a warrant for his arrest was issued. Poland granted…
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ASIC took civil action against investment scam in 2020 and closed down the unregistered managed investment scheme operated by Marco and AMS Holdings (WA) Pty Ltd, the AMS Holdings Trust. ASIC’s probe and action lead to the criminal charges against Marco who now faces a maximum penalty for each offence of seven years imprisonment, or…
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The Aussie watchdog discovered that Sirius Financial has breached its licence obligations failing to adequately address Toyga’s conduct. Furthermore, ASIC found that Pecyna and Schneider were involved in Sirius Financial’s breaches. Moreover, ASIC deemed them not “adequately trained or competent”. ASIC stated that the two former directors lacked professionalism and integrity for their management roles.…
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ASIC is eager to tackle market outages in response to the Australian Securities Exchange (ASX) equity market outage in November 2020 following a major technical upgrade. ASIC’s latest concerns of market outages come with several important updates in the industry, including the replacement of CHESS, Cboe’s technology upgrade and the implementation of new market integrity…
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ASIC discovered that Arandez obtained $2.5 million from Australian investors based on false and misleading statements. He claimed the funds would be invested in property and cryptocurrency and used the fund in part for personal benefit and to pay returns to other investors. The regulator acted quickly in order to personal benefit and to pay…
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The Aussie watchdog discovered that despite the ban which is in force until 5 September 2024, Toledo continued to provide financial advice and deal in financial products. Moreover, according to the regulator, he provided financial advice to a SMSF to invest in Premier Realty Group Pty Ltd and arrange a sale of 70,000 shares in…
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Prior to the official announcement by PanAust of the takeover bid on 30 March 2015, Li acquired 390,000 PanAust CFDs during the period between 19 and 26 March 2015. He also made his wife acquire 265,000 PanAust CFDs between 22 and 26 March 2015. In sentencing, Judge Rinaudo said: [He] took an unfair advantage when…
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Rickard added: Australians should be very wary of anyone asking them to invest in or transfer money using cryptocurrency, especially if it’s someone you have only met online. Many consumers are unfamiliar with the complexities of cryptocurrency and this can make them more vulnerable to scams. Between January and May 2022, there has also been…
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The regulator alleged that the bank has not adequately fixed the problem and that customers continue to be affected. Between May 2016 and September 2021 ANZ also made false and misleading representations regarding withdrawal fees. According to the regulator, the bank continued with the misleading representation even after that period. Court added: This alleged misconduct…
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ASIC stated: As expected, retail clients have not made any losses (or profits) from trading binary options with licensed issuers since the product intervention order took effect. The regulator pointed out that during the period of the ban, 68% of wholesale clients lost money trading binary options in that period as the ban does not…
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