Mr Sardar was interviewed by the FCA as part of an investigation it was conducting into a sophisticated boiler room scam that had defrauded 120 investors of £1.3m. Three individuals, Mr Mirza, Mr Solaja and Mr Vickers were subsequently convicted and sentenced to 23 years for that fraud following prosecution by the FCA. In his...
Author: EMA Investments
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Western Australian directors convicted for failing to have director identification numbers
Two Western Australian directors have been convicted in the Perth Magistrates Court and fined $5,000 each for failing to comply with director identification requirements. Alexander Henry was convicted ex-parte on 3 May 2024 of contravening section 1272C(2) of the Corporations Act 2001 for failing to have a director identification number. Mr Henry is a director...
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ASIC freezes assets of Brisbane financial advisor
ASIC has commenced urgent proceedings in the Federal Court against Sunny Mahendra Prakash and his related companies, Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises Pty Ltd and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund (Related Companies). Mr Prakash is a certified practising accountant, registered tax practitioner, self-managed superannuation fund...
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ASIC calls on super trustees to improve gatekeeping of member savings
ASIC is calling on superannuation trustees to renew efforts to protect members from unscrupulous operators amid evidence of inadequate oversight of advice fee deductions. A newly published ASIC report outlines key findings from a review of the progress superannuation trustees have made in addressing deficiencies in their monitoring of fee deductions for the provision of...
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J.P. Morgan Securities $775,000 penalty for market gatekeeper failure
Following an ASIC investigation, the Markets Disciplinary Panel (MDP) has fined J.P. Morgan Securities Australia Limited (JPMSAL) $775,000 for permitting suspicious client orders to be placed on the futures market, ASX 24. The MDP found JPMSAL should have suspected 36 orders placed by a client between 11 January 2022 and 3 March 2022 were submitted...
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Building our societies through lending and savings
Highlights Building societies have been a force for good, reaching under-served communities and customers, and turning risk into opportunity They must embrace technology and continue to evolve without losing their community-centred credentials Lenders need to continue to innovate to support their customers and watch that they, and their customers, do not take on too much...
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ESMA publishes latest edition of its newsletter
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter. Your one-stop-shop in the world of EU financial markets focused in April on the DORA preparations for the European Supervisory Authorities (ESAs) and the industry: the arrangements for the next implementation stage, the consultation...
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FCA bans and fines James Lewis £120,300 for putting investors at risk
The former CEO of Shard Capital Partners has been fined £120,300 and banned by the Financial Conduct Authority (FCA). James Lewis, the former CEO of Shard Capital Partners, has been fined £120,300 and banned by the FCA following two separate instances of providing incorrect information about clients’ cash purportedly held by Shard. Mr Lewis’ misconduct...
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ESMA asks for input on assets eligible for UCITS
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes a Call for Evidence on the review of the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD). The objective of this call is to gather information from stakeholders to assess possible risk and benefits of...
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ASIC issues warning over dodgy cold calling operators and online baiting tactics
ASIC is warning consumers to be wary after an ASIC review identified some cold calling operators using high-pressure sales tactics and online click-bait advertisements to lure consumers into receiving inappropriate superannuation switching advice. These cold calling operators — which make unsolicited calls to consumers after obtaining their personal information from third-party data brokers or by...
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