Author Archives: ETE

Mr Joshua David Fuoco has been convicted of one count of managing a corporation whilst disqualified after pleading guilty in the Melbourne Magistrates Court. Mr Fuoco, who pleaded guilty, was convicted and fined the sum of $6,000. Mr Fuoco was previously disqualified by ASIC in 2016 from managing corporations for two years and six months, […]

ASIC has issued an interim stop order on One Card Credit Pty Ltd’s (OCC) Scorebuilder and Safetynet loan product because of deficiencies in the target market determination (TMD). ASIC was particularly concerned as the loan targets consumers looking to use credit to pay their rent. Consumers seeking to use credit to pay rent, a basic […]

ASIC has issued two infringement notices to credit provider Jacaranda Finance Pty Ltd (Jacaranda) in further action to protect consumers against poor conduct by credit providers. Jacaranda is a credit licensee that, at the relevant times, offered loans up to $15,000, typically for 12 to 36 months. ASIC was concerned that a repayment estimate calculator […]

ASIC proposes to allow class order [CO 12/1687] Competency Standards for Approved SMSF Auditors to expire (‘sunset’) on 1 April 2023. The class order is made under s128Q(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) and sets out competency standards for approved self-managed superannuation fund (SMSF) auditors. The competency standards require approved SMSF […]

The Federal Court has handed down the largest ever penalty against a company for breaching continuous disclosure laws, ordering GetSwift Limited (former ASX:GSW) (GetSwift) (in liquidation) pay a penalty of $15 million. The Court described Getswift as a company that ‘became a market darling because it adopted an unlawful public-relations-driven approach to corporate disclosure instigated […]

ASIC has cancelled the Australian financial services (AFS) licence of Strathnaver Capital Pty Ltd (AFSL 520366). The licence was cancelled on the basis that Strathnaver Capital Pty Ltd has ceased to carry on a financial services business. ASIC may cancel an AFS licence held by a body corporate without a hearing if the body ceases […]

ASIC has warned businesses it will be targeting greenwashing, predatory lending and misleading insurance pricing promises this year, as part of a continuing focus on protecting consumers from financial harm. The warning coincides with the release of its latest enforcement and regulatory report, highlighting actions taken during the last three months of 2022, and outlining […]

ASIC today published its Indigenous Financial Services Framework (Framework). The Framework is part of ASIC’s role in supporting positive financial outcomes for First Nations people. A corner stone of ASIC developing its Framework was through extensive and thorough consultations with First Nations peoples, financial services industry representatives, as well as fellow Government Departments, Agencies, and […]

The former CEO of Big Un Limited, Mr Richard Evans, also known as Richard Simon Evertz, has appeared via his lawyer in the Downing Centre Local Court charged with insider trading. ASIC alleges that Mr Evans communicated inside information about Big Un to a shareholder on or around 10 January 2017. The information concerned the […]

ASIC has permanently banned Sean John Sweeney of Lindfield, New South Wales, after he was convicted of fraud offences on 4 November 2022. Mr Sweeney is banned from providing any financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services […]