Mr Michael David Steele, of NSW, has appeared at Southport Magistrates Court charged with seven counts of fraud. Following an ASIC investigation, it is alleged that between May 2016 and February 2017, Mr Steele misled 14 investors into withdrawing funds from their employer superannuation funds and savings accounts to invest in a property development at...
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Director duties charge proved and dismissed against former Victorian director
A charge brought against former company director Mr Pardeep Sehgal of Craigieburn Victoria for breaching his director duties has been proven but dismissed. An ASIC investigation found that in April 2018, Mr Sehgal caused two payments totalling $55,099.33 that was owed to Sehgal Catering Services Pty Ltd (in Liquidation), a company he was the sole...
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ASIC acknowledges ASX’s release of the CHESS Special Report and Audit Report
Today, ASX released public versions of the Special Report and the Audit Report on the current CHESS clearing and settlement system. Following ASX’s announcement to pause the CHESS Replacement Program in November 2022, ASIC and the Reserve Bank of Australia (RBA) (the regulators) took action to ensure that all necessary steps are taken to support...
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Financial watchdog bans referral fees for debt packagers to help struggling consumers
The ban should save consumers struggling with debt thousands of pounds in unnecessary fees and ensure they receive better quality advice. It will put a stop to the business model which incentivises debt packagers to recommend certain options that make them more money rather than what is in the customer’s best interest. The debt packager...
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ePayments Code subscribers to comply with updated Code from today
The updated ePayments Code takes effect from today. This follows a 12-month transition period to allow subscribers time to get ready for, and ensure compliance with, changes providing clarity on a number of existing protections for consumers (see 22-215MR). Subscribers to the code include most banks and credit unions in Australia, as well as a...
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Former Berndale directors charged over dishonest conduct, misuse of company funds
Two former directors of collapsed retail over-the-counter derivatives provider Berndale Capital Securities Pty Ltd have been charged with dishonesty offences, including misusing over $1 million in company funds. ASIC alleges that Stavro D’Amore and Daniel Kirby each unlawfully transferred Berndale company funds to benefit themselves and other associates and entities. Mr D’Amore is alleged to...
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ASIC issues first DDO stop order for failure to take reasonable steps in CFD distribution
ASIC has made an interim stop order preventing Mitrade Global Pty Ltd (Mitrade) from opening trading accounts or dealing in contracts for difference (CFDs) or margin foreign exchange contracts (margin FX) to retail investors. ASIC’s action was in response to concerns that Mitrade failed to take reasonable steps likely to result in distribution conduct being...
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ASIC halts offer of Spaceship Super and Spaceship Voyager Funds
ASIC has made interim stop orders on one superannuation product and three managed funds promoted by Spaceship Capital Limited (Spaceship Capital) due to deficiencies in their target market determinations (TMDs). The funds are: Spaceship Super, a sub-plan of Tidswell Master Superannuation Plan, issued by Diversa Trustees Limited (Diversa), Spaceship Earth Portfolio (ARSN 643 773 282),...
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Layaway penalised $375,000 for providing high-cost credit and unlicensed credit activity
The Federal Court has ordered Layaway Depot Pty Ltd (Layaway) pay a penalty of $375,000 for breaches of the Credit Act. Layaway charged excessive interest rates on 70 loans taken out by consumers to buy electronic goods including mobile phones, televisions and speakers. For example, customers paid instalments which totalled $780 for a Bluetooth speaker...
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ASIC disqualifies Victorian director for three years
ASIC has disqualified Ross David Grant of Frankston Victoria, from managing corporations for three years due to his involvement in the failure of three companies. From April 2008, Mr Grant was the director of three companies that entered liquidation: M2O (Made Two Order) Pty Ltd (ACN 127 422 422) (M2O); M2O Interiors Pty Ltd (ACN...
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