Author Archives: ETE

ASIC has filed a contempt application in the Federal Court against Joshua David Fuoco, the Melbourne-based former director of Wealth & Risk Management Pty Ltd. On 5 February 2018 Mr Fuoco was ordered by the Federal Court not to carry on, or be involved in, a financial services business for ten years. ASIC alleges that […]

Former corporate adviser Cameron Waugh has pleaded guilty at the Stirling Gardens Magistrates Court to insider trading in relation to the gold exploration and mine development company Genesis Minerals Limited. ASIC alleged that over a seven day period from 14 – 21 September 2021, Mr Waugh applied to acquire, and did subsequently acquire, 747,626 shares […]

ASIC is implementing the Government’s amendments to the approved principles for the administration of the financial adviser exam that were registered on 18 January 2024. The amendments: remove the short answer questions from the exam and increase the number of multiple-choice questions; and remove the requirement limiting exam participation to new financial advisers who have […]

Former company secretary of Continental Coal Limited (in liquidation), Jane Rosemary Flegg, has pleaded guilty to three criminal charges following ASIC’s investigations into Continental Coal and Citation Resources Limited. On 17 January 2024, Ms Flegg pleaded guilty in the Stirling Gardens Magistrates Court to: one count of stealing approximately $2.2 million of applicant funds from […]

ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider Indie Advice Pty Ltd (Indie Advice). The licence cancellation took effect on 19 January 2024. The licence was cancelled after ASIC became aware that Indie Advice had not been providing financial services for some time. Under the Corporations Act, ASIC may suspend […]

Queensland company Penta Capital Pty Ltd has agreed to pay $53,280 to comply with four infringement notices issued by ASIC. ASIC alleges Penta Capital made a series of false and misleading statements on its website. Between May 2022 and February 2023, Penta Capital’s website included the following statements which ASIC alleges are misleading: it managed […]

The Financial Conduct Authority (FCA) has launched criminal proceedings against Guy Flintham for committing fraud by false representation and for carrying out regulated activity without authorisation. The FCA alleges that between January 2016 and November 2021, Mr Flintham, based in Blackburn, Lancashire, defrauded around 240 investors by making false representations to persuade them to invest […]

Members Equity Bank Limited (ME Bank) has been ordered by the Federal Court to pay a penalty of $820,000 after pleading guilty to criminal charges of making false and misleading representations and failing to provide required written notices regarding home loans. Between 25 May 2018 and 3 September 2018, ME Bank sent 589 letters to […]

ASIC has assessed that these class orders are generally operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework. ASIC proposes to remake the class orders for a period of five years. ASIC will continue to monitor the appropriateness of these class orders having regard to our regulatory […]

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published today the first set of final draft technical standards under the DORA aimed at enhancing the digital operational resilience of the EU financial sector by strengthening financial entities’ Information and Communication Technology (ICT) and third-party risk management and incident reporting frameworks. The […]