Author: EMA Investments

ASIC has commenced civil penalty proceedings in the Federal Court against five former directors and officers of the Youpla Group (formerly Aboriginal Community Benefit Fund) for breaches of their duties. The Youpla Group operated several funds providing funeral insurance, mostly marketed to indigenous Australians. ASIC Deputy Chair Sarah Court said, ‘ASIC’s case seeks to hold...

ASIC has today released an open letter to lenders—which has been sent directly to 30 large lenders—calling on them to make sure they appropriately support customers experiencing financial hardship. ASIC is seeing evidence that an increasing number of customers are experiencing financial distress and difficulty due to cost-of-living pressures. In this context, it is critically...

ASIC has suspended the Australian financial services (AFS) licence of Australasian Capital Pty Ltd (Australasian) ACN 143 093 832 for one year, until 25 August 2024. The licence authorised Australasian to provide financial services to wholesale clients. ASIC suspended the license because Australasian has ceased to carry on a financial services business. Australasian has also...

After a four-week contested trial, the Federal Court has found Frank Cullity Wilson, former managing director of Quintis Limited (Quintis), did not breach his duties as director regarding disclosure of the termination of key contracts. ASIC Deputy Chair Sarah Court said, ‘ASIC pursued this case because we were concerned that information was not properly disclosed...

ASIC will take further enforcement action to protect Australian consumers and small businesses in an environment where scams, digitally-enabled misconduct and predatory lending practices are increasingly prevalent. Releasing ASIC’s latest Corporate Plan, ASIC Chair Joe Longo said the plan follows a year of progress against the organisation’s strategic priorities and strong enforcement outcomes in 2022-23....

ASIC has suspended the Australian financial services (AFS) licence of Navigate Global Payments Pty Ltd (Navigate) until 18 October 2023, after it was placed into voluntary administration on 30 June 2023. On 30 June 2023, Nick Combis of Vincents Chartered Accountants was appointed as voluntary administrator of Navigate. On the same day, David Hardy, Sarah...

Duncan Stewart, of Armadale, Melbourne has today appeared at the Melbourne Magistrates’ Court charged with multiple insider trading offences in connection with share market purchases made in Kidman Resources Ltd in 2019. ASIC alleges that Mr Stewart engaged in insider trading on two occasions in April 2019, when he purchased shares in Kidman Resources while...