Author Archives: ETE

ASIC has permanently banned former Perth financial adviser Rahul Goel from having any involvement in financial services and credit activities. In December 2022, Mr Goel was sentenced to three years’ imprisonment for fraud offences to be released after serving 18 months, upon entering a $5000 recognisance to be of good behaviour for two years. He […]

Trevor William King of Sydney, New South Wales, was sentenced in Parramatta Local Court on 10 February 2023 to a 14-month intensive corrections order after making false documents to obtain a financial advantage, contrary to s253(b)(ii) of the Crimes Act 1900 (NSW). Between 2 July 2013 and 12 May 2016, Mr King created 74 false […]

On 9 February 2023, Sharon Kia Le Heng of Perth, Western Australia, was convicted and sentenced in the Perth District Court for stealing $725,639.50 from Legacy Iron Ore Limited (Legacy), a publicly listed entity.  Ms Heng was sentenced to three years’ imprisonment, wholly suspended for two years. Ms Heng was the founding director of Legacy […]

ASIC has cancelled the Australian financial services (AFS) licence of Family Wealth Strategy Pty Ltd (489148). The licence was cancelled on the basis that Family Wealth Strategy Pty Ltd is no longer carrying on a financial services business. ASIC may cancel an AFS licence held by an individual or corporate entity if the person or […]

ASIC reminds company directors to ensure material business risks are adequately disclosed in annual reports, to better inform shareholders and prospective investors. ASIC’s ongoing financial reporting surveillance program and subsequent inquiries of a selection of 2022 annual reports has led to a further four listed entities disclosing material business risks. This follows five entities providing […]

On 31 January 2023, Don George Evans of Woodlands, Western Australia, was sentenced in the Supreme Court of Western Australia to 12 months’ imprisonment. Mr Evans will be released immediately upon entering into a recognisance of $5000, to be of good behaviour for two years. Mr Evans was sentenced for conspiring with former Quantum Resources […]

Wilsons Advisory and Stockbroking Ltd ACN 010 529 665 (Wilsons) has paid a penalty of $548,328 to comply with an infringement notice given by the Markets Disciplinary Panel (MDP). ASIC contacted Wilsons in March 2022 after conducting a thematic review of Trade with Price Improvement (TWPI) reported by market participants. TWPI is one of the […]

On 31 January 2023, former financial adviser John Wertheimer was convicted and sentenced in the Perth District Court for one count of providing a financial service on behalf of a person who carries on a financial services business while unauthorised to do so and one count of engaging in dishonest conduct in relation to a […]

ASIC has banned a Gold Coast director of a business that leased an automated trading robot, designed to work on foreign exchange (FX) trading platforms from providing any financial services for four years. ASIC banned Gregory William Finerty, the sole director of Bradford AI, after finding he carried on a financial services business without an […]

Home finance companies General Commercial Group Pty Ltd (formerly known as Urban Commercial Group) and Eden Capital (Australia) Pty Ltd (formerly known as Southside Lending) have each been penalised $50,000 by the Federal Court for failing to cooperate with the Australian Financial Complaints Authority (AFCA). General Commercial director Dale Brendan Heremaia and his son, Eden […]