Author Archives: ETE

ASIC has commenced civil penalty proceedings in the Federal Court against Noumi Limited (formerly Freedom Foods Group Limited), its former managing director and CEO Rory Macleod and its former CFO Campbell Nicholas for alleged continuous disclosure failures, breaches of company director and officer duties, and false or misleading conduct. ASIC Deputy Chair Sarah Court said, […]

ASIC has banned former mortgage broker and property spruiker Christine Betty Childs, of Sunshine Coast, Queensland, from providing financial services for eight years. ASIC banned Mrs Childs, former director of Think Money and Think Money Wealth Through Property, for carrying on an unlicensed financial services business in recommending clients to buy property through their superannuation, […]

Mr Akhilesh Kamkolkar, of Surfers Paradise, Queensland, has pleaded guilty in the Downing Centre Local Court to two counts of engaging in dishonest conduct in relation to financial products or services, contrary to s 1041G of the Corporations Act. A further two offences of carrying on a financial services business without a licence, contrary to […]

ASIC has prosecuted 81 individuals from 1 July 2022 to 31 December 2022 for failing to assist registered liquidators. These prosecutions follow the failure of company officers and other individuals to comply with fundamental governance obligations to provide registered liquidators with access to company books and submit a report on company activities and property (ROCAP) […]

ASIC has commenced civil penalty proceedings in the Federal Court alleging RACQ Insurance Limited (RACQ) misled customers in its product disclosure statements about the pricing discounts available for certain types of insurance cover. Between February 2017 and March 2022, ASIC alleges product disclosure statements for RACQ’s Motor, Home, Caravan & Trailer and Unique Vehicle insurance […]

The Federal Court has found Membo Finance Pty Ltd (Membo) and its sole credit representative, Richmond Group Financial Services Pty Ltd (RGFS), trading as ClearLoans, breached the National Consumer Credit Protection Act (the Credit Act) and has ordered the companies to pay over $6m in penalties. The Court found both Membo and RGFS (by its […]

David Sipina, of Croydon, New South Wales, appeared in the Downing Centre Local Court on 21 February 2023, charged with criminal offences relating to alleged misconduct at the Courtenay House group of companies. Mr Sipina is the third individual to face criminal charges after former director Tony Iervasi and former contractor Athan Papoulias were both […]

On 20 February 2023, National Advice Solutions Pty Ltd appeared at the Southport Magistrates Court in Queensland and pleaded guilty to one charge of breaching anti-hawking laws. The Court imposed a penalty of $70,000. Between August 2019 and June 2020, National Advice Solutions made unsolicited calls to consumers encouraging them to roll over their superannuation […]

ASIC has taken further action to ensure that ASX adequately responds to the findings and recommendations of the ASX CHESS Replacement Application Delivery Review by Accenture (the External Review) and that all necessary steps are undertaken by ASX to uplift identified gaps and deficiencies in relation to the ASX Group’s portfolio, program and project management […]

ASIC prosecuted fifteen companies between 1 July 2022 and 31 December 2022 for failing to comply with their obligations to lodge financial reports with ASIC, obtaining over $115,000 in financial penalties. ASIC prosecuted: McGrath Saleco Limited (ACN 608 153 797), which was convicted and fined $40,000 for failing to lodge four annual reports between 2017 […]