Author Archives: ETE

Following an ASIC investigation, four people have been criminally charged for their alleged involvement in a coordinated scheme to pump up shares in Australian stock values before dumping them at inflated prices. Syed Yusuf, Larissa Quinlan, Emma Summer, and Kurt Stuart were charged in the Downing Centre Local Court with conspiracy to commit market rigging […]

ASIC has secured travel restraint orders against Melbourne-based financial advisor Barry David King. The orders, which prevent Mr King from leaving or attempting to leave Australia until 1 April 2025, were made by the Supreme Court of NSW after an application by ASIC and were consented to by Mr King, without admission. The orders were […]

ASIC continues to take enforcement action against company directors whose actions unfairly impact small businesses with the disqualification of seven directors in the 1 April to 30 June 2024 quarter. Some of the directors who received the maximum allowable disqualification of five years had also engaged in illegal phoenix activity and used company funds to […]

LCL (firm reference number (FRN) 146522) has entered creditors’ voluntary liquidation. LCL is a regulated firm that acted as the bond administrator and Individual Savings Account (ISA) manager for a number of bonds via the ‘My Investment Hub’ platform. On 22 August 2023 we placed restrictions on LCL which prevented it from conducting regulated activities […]

The Federal Court has ordered American Express Australia Limited (Amex) to pay $8 million in penalties for breaching the design and distribution obligations (DDO) in relation to two co-branded credit cards which were primarily distributed to customers in David Jones stores. The Court found Amex breached the design and distribution obligations as a credit card […]

The Australian Securities and Investments Commission (ASIC) and the Office of the Australian Information Commissioner (OAIC) have signed a Memorandum of Understanding (MoU) for the sharing of data and privacy breach information. The MoU allows for information sharing, enabling the two agencies to proactively share information for the purposes of exercising powers or performing functions, […]

Under legislation adopted by Parliament, financial firms are required to do extra checks on so-called politically exposed persons (PEPs). This follows global standards set by the international Financial Action Task Force and implemented by more than 200 jurisdictions. There have been concerns about how firms in the UK are meeting these requirements and so the […]

The European Securities and Markets Authority (ESMA), EU’s financial markets regulator and supervisor, published today its Follow-up Report to the Wirecard Fast Track Peer Review assessing the progress made with respect to the recommendations formulated in 2020. This report follows up on the implementation of the recommendations made in the previous Wirecard Fast Track Peer […]

ASIC has banned former directors and responsible managers of XTrade.AU Pty Ltd (XTrade), Mr Shay Zakhaim and Mr Anthony Anderson, from carrying on of a financial services business, either as a director or responsible manager, for three and five years respectively. XTrade offered clients opportunities to trade in contracts for difference (CFDs) and foreign exchange […]

ASIC has permanently banned former Sydney-based mortgage broker Aleksandra Frizzell following fraud convictions. Ms Frizzell was a mortgage broker, accredited with Beagle Finance Pty Ltd between 2013 and 2017 and Supra Financial Pty Ltd between 2017 and 2018. Between 2015 and 2019, Ms Frizzell dishonestly obtained funds from an employee, clients and people purchasing goods […]