Author Archives: ETE

On 13 December 2023, following a three-day hearing, the Federal Court made orders appointing Linda Smith and Robert Kirman of McGrathNicol as corporate receivers and managers of Australian Financial Services licensee, Brite Advisors Pty Ltd (Brite). The receivers are tasked with conducting further investigations into Brite and the approximately AUD$1 billion client pension funds under […]

ASIC has commenced civil penalty proceedings in the Federal Court against Adam Blumenthal alleging market rigging and breaches of his duties as a director of two companies, EverBlu Capital Pty Ltd (EverBlu) and Creso Pharma Limited (now known as Melodiol Global Health Limited)(Creso). ASIC has also accepted a court enforceable undertaking from Mr Blumenthal to […]

ASIC today published its annual dashboard of regulatory costs for 2022-23 by activity for each sector and subsector under the industry funding model (IFM). This is a requirement under s138 of the Australian Securities and Investments Commission Act 2001. These costs, calculated at the end of each financial year, are based on the actual effort […]

Debt Wipeout founder David Murphy has been found unfit to stand trial and unlikely to become fit in the next 12 months, following a fitness hearing in the NSW District Court. On 26 April 2022, Mr Murphy was charged with four counts of engaging in dishonest conduct while carrying on a financial services business and […]

ASIC today released the exam results from the 23rd Financial Advisers Exam cycle held in November 2023. The exam, conducted by the Australian Council for Educational Research (ACER) since inception, follows a rigorous process to ensure all candidates in each cycle are tested to the same standards. In the November exam cycle: 219 people sat […]

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have issued a joint letter to life insurers and friendly societies (life companies) about life insurance industry practices in relation to premium increases. The letter outlines ASIC and APRA’s observations from a joint review of life companies’ past practices, following concerns […]

ASIC has permanently banned former NSW-based insurance broker Cesar Cutro from providing any financial services. Mr Cutro has also been banned from controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial […]

ASIC has banned Darron Mink from providing financial services or engaging in credit activities for a period of five years. Mr Mink was an authorised representative of AMP Financial Planning Pty Limited (AMPFP) and the sole director of Pinnacle Financial and Investment Services Pty Ltd, which was a corporate authorised representative of AMPFP. The bans […]

The Financial Services and Credit Panel (FSCP) has made a registration prohibition order against financial adviser Stephen Rogers from 7 December 2023 until after 6 December 2025. Mr Rogers was found to have given non-compliant advice to a client and acted in a way that was misleading or deceptive or likely to mislead or deceive […]

On 8 December 2023, Peter Neil Landau, of Claremont, Western Australia, was sentenced before the Supreme Court of Western Australia to five years and two months’ imprisonment with a non-parole period of three years and two months for five stealing offences and one offence of forging and uttering contrary to the Criminal Code (WA). Additionally, […]