Author Archives: ETE

Following the High Court order, the Court of Appeal upheld findings of breaches against Alexandra Associates (U.K.) Limited trading as Avacade Future Solutions, and Craig and Lee Lummis on 4 August 2021. The defendants failed to satisfy the restitution order and, as a result, on 21 November 2023, the FCA secured bankruptcy orders against Lee […]

Illegal money lender, Dharam Prakash Gopee (70), has been sentenced to almost 8 years in prison for failing to pay a confiscation order. In 2018, Mr Gopee was prosecuted by the Financial Conduct Authority and convicted of illegally lending to vulnerable people at high rates. He had sought to take their homes when they were […]

Mr Mohammed Zina was today found guilty of six offences of insider dealing and three offences of fraud following a 12-week trial at Southwark Crown Court brought by the Financial Conduct Authority (FCA). Between 2014 and December 2017, Mohammed Zina worked as an analyst at Goldman Sachs International. Through his role in the Conflicts Resolution […]

The FCA has withdrawn arrest warrants for Konstantinos Papadimitrakopoulos and Dimitris Gryparis, respectively the former chief executive and chief financial officer of Globo plc. In February 2019, the FCA obtained domestic and European Arrest Warrants (EAWs) for both Mr Papadimitrakopoulos and Mr Gryparis and sought to extradite them from Greece to face criminal charges of […]

ASIC has commenced proceedings in the Federal Court against David Paul Hodgson, MacroLend Pty Ltd and Great Southland Limited alleging unlicensed financial services and misrepresentations to investors. MacroLend and Great Southland, of which Mr Hodgson is the sole director, form part of a larger group of companies known as the Paladin Group. ASIC alleges that […]

New research released by ASIC’s Moneysmart has shed light on the financial concerns of Australian Gen Z women, revealing that they are more likely than Gen Z men to feel stressed and overwhelmed by finances and money. Moneysmart’s research shows that Gen Z women are: more likely than Gen Z men to be severely stressed […]

Check against delivery I am pleased to appear before the Committee once more today. I am joined by Deputy Chair Sarah Court and Commissioner Kate O’Rourke. I am also pleased to welcome today our newest Commissioners Alan Kirkland and Simone Constant, who commenced at ASIC in November last year. Also present today are Chief Executive […]

ASIC is seeking feedback from reporting entities, including small-scale exempt entities, on our proposed changes to the ASIC Derivative Transaction Rules (Reporting) 2024 (the 2024 Reporting Rules) and minor and related proposed changes to the ASIC Derivative Transaction Rules (Clearing) 2015 (the Clearing Rules). Consultation Paper 375 Proposed changes to the ASIC Derivative Transaction Rules […]

The Economic Secretary to the Treasury Bim Afolami has appointed Bryan Zhang to the board of the Financial Conduct Authority (FCA). Mr Zhang has extensive experience within financial services, particularly within Fintech, Digital Transformation, and Open Banking. He is a Co-Founder and the Executive Director of the Cambridge Centre for Alternative Finance (CCAF) at the […]

The FCA is today writing to a number of financial adviser firms requesting information about their delivery of ongoing services, for which their clients continue to be charged after advice has been given. In its survey, the FCA asks if firms have assessed their ongoing services in response to the introduction of the Consumer Duty, […]