Author Archives: ETE

ASIC has disqualified Mr Kevin Prakash Verapen, of Montmorency, Victoria, from managing corporations for three years due to his involvement in the failure of three companies. Between August 2015 and April 2017 Mr Verapen was the director of: Hygrade Management & Software Pty Ltd ACN 133 366 453 (HMS); A&S Services Australia Pty Ltd ACN […]

Former financial adviser Mr Tai Thanh Nguyen of Adelaide, South Australia, has pleaded guilty in the Adelaide Magistrates’ Court to two counts of falsifying company books. Mr Nguyen was convicted on both counts and placed on recognisance in the sum of $1,000 to be of good behaviour for two years. Mr Nguyen admitted to falsifying […]

ASIC has issued an interim stop order preventing Vasco Responsible Entity Services Limited (Vasco) from offering or distributing the Pivotal Diversified Fund to retail investors because of deficiencies in the target market determination (TMD). The interim order stops Vasco from issuing interests in, giving a product disclosure statement for or providing general advice to retail […]

Australian wood-fibre processor and exporter Midway Limited has paid a $33,000 infringement notice over ASIC concerns that it failed to comply with its continuous disclosure obligations. ASIC issued the infringement notice following an investigation into announcements made by Midway on the Australian Securities Exchange (ASX). ASIC alleges that on 11 February 2022, Midway became aware […]

ASIC has taken action for greenwashing against listed energy company Black Mountain Energy Limited (BME). BME has paid $39,960 to comply with three infringement notices issued by ASIC in relation to concerns about alleged false or misleading sustainability-related statements made to the Australian Securities Exchange (ASX) between 23 December 2021 and 8 September 2022. ASIC […]

The Administrative Appeals Tribunal (AAT) has reduced the period and scope of the banning imposed on former Melbourne-based financial adviser, Ashok Sherwal. Mr Sherwal was originally banned on 11 June 2021 from providing financial services and performing any function in a financial services business for a period of six years (21-278MR). The AAT reduced the […]

ASIC has commenced proceedings in the Federal Court as part of its ongoing investigation into the collapse of the Youpla Group entities. The injunctive proceedings seek to preserve a property part owned by a former director, Mr Bryn Jones. The purpose of ASIC’s action is to protect the interests of aggrieved persons, namely the Youpla […]

Athan Papoulias of Brighton Le Sands, NSW, has pleaded guilty in the Downing Centre Local Court to one charge of carrying on a financial services business, reckless about the fact that it did not have the required licence and one charge of dealing in the proceeds of crime worth $100,000 or more, reckless to it […]

Two former senior Statewide Superannuation Pty Ltd executives have appeared before the Adelaide Magistrates’ Court charged with dishonesty offences related to their procurement of services between February 2019 and December 2019. ASIC alleges that former Statewide Chief Financial Officer Grant David Eastwood dishonestly used his position in the procurement of a firm, Cosight Pty Ltd […]

ASIC has updated its guidance on the provision of SMSF advice with the publication of Information Sheet 274 Tips for giving self-managed superannuation fund advice (INFO 274). This information sheet helps Australian financial services (AFS) licensees and their representatives comply with their obligations when providing personal advice about self-managed superannuation funds (SMSF). SMSFs are an […]