Author Archives: ETE

ASIC has permanently banned Mr Nizi Bhandari of Bundoora, Victoria, from providing financial services and engaging in credit activities, controlling a financial services or credit business, or performing any function in relation to carrying on a financial services or credit business. Mr Bhandari was an authorised representative of The Australian Dealer Group Pty Ltd (ADG) […]

On 24 February 2021, Mr Ahmed Saad, of Glenroy, Victoria, appeared in court charged with dishonestly obtaining a financial advantage by deception for another and a further charge of attempting to obtain a financial advantage by deception for another. ASIC alleges that, while working as an authorised representative of Apogee Financial Planning Limited (Apogee), Mr […]

ASIC has commenced proceedings in the Federal Court against National Australia Bank Ltd (NAB), alleging that NAB charged fees for making certain periodic payments when it was not entitled to under the bank’s contracts with its customers. ASIC alleges between 25 February 2015 and 22 February 2019, NAB charged fees for periodic payments on at […]

ASIC has released an immunity policy for certain contraventions of the Corporations Act, which includes serious offences such as market manipulation, insider trading and dishonest conduct in the course of carrying on a financial services business. Under the new policy, an individual who has engaged with others to manipulate the market, commit insider trading or […]

Adrian Christopher Coronno and Domenico Luvera (also known as Domenico Giglio Luvara), both of Pacific Pines, Queensland, have been disqualified from managing corporations for five years after their involvement in four failed companies. The companies were involved in financial and insurance services, rental hire and real estate services between 2010 and 2015: – Global Income […]

Mr Ding Yang, director of Advanced Choice Finance Pty Ltd (ACF), a former Melbourne-based mortgage brokerage company, has pleaded guilty to aiding and abetting ACF in knowingly making a false statement in a credit licence annual compliance certificate lodged with ASIC. ACF held an Australian credit licence, and Mr Yang was the sole fit and […]

The additional licence conditions imposed on Pershing Securities Australia Pty Ltd (PSAL) in December 2019 have been removed as of 14 December 2020. These conditions required PSAL to appoint an independent expert to conduct a review to assess and report on whether PSAL has the current and ongoing ability to comply with the client money […]

ASIC has today released Consultation Paper 337 Externally administered companies: Extending financial reporting and AGM relief (CP 337) seeking feedback on proposals to reduce the regulatory burden for externally administered companies. ASIC is proposing to expand the relief in ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 (LI 2015/251) to companies where a voluntary administrator, controller or […]

On 23 December 2020, ASIC commenced civil penalty proceedings in the Federal Court against Squirrel Superannuation Services Pty Ltd (Squirrel) for false or misleading representations. Squirrel is a financial technology company that holds an Australian financial services licence (AFSL). ASIC alleges that from around January 2015, Squirrel marketed and sold services helping customers establish and […]

Mr Andre Kunz of Kenthurst, NSW has been convicted of breaching his directors’ duties. Mr Kunz is the former director of Total Hoarding Supplies Pty Ltd ACN 107 987 271 (Deregistered) (Total Hoarding Supplies) and Sybab Pty Ltd ACN 144 935 311 (Deregistered) (Sybab) which later became Abbar Pty Ltd. The companies supplied components for […]