NAB pays $10,200 penalty for misleading statements in PDS National Australia Bank (NAB) has paid $10,200 in penalties after ASIC issued an infringement notice for making potentially misleading statements in a product disclosure statement (PDS) for the NAB Annuity Term Deposit. 14-257MR. 1 Oct
ASIC suspends Protect Ensure's AFS licence ASIC has suspended the Australian financial services licence of Protect Ensure Pty Ltd following concerns it has failed to comply with its compliance obligations. 14-256MR. 30 Sep
ASIC permanently bans former NSW insurance broker We have permanently banned Mr Leslie Allan Gentle, a former insurance broker from Coffs Harbour, NSW, from providing financial services after an investigation found he engaged in dishonest conduct in relation to the use of client funds. 14-255MR. 30 Sep
ASIC cancels credit licence of Victorian credit provider We have cancelled the Australian credit licence of Ms Rosa Villella, the sole director of two businesses operating out of Dandenong, Victoria, for failing to comply with numerous responsible lending obligations. 14-253MR. 26 Sep.
Why breach reporting is important A speech by Peter Kell, Deputy Chairman, Australian Securities and Investments Commission to the Risk Management Association Australia Chief Risk Officers Forum, 16 September 2014.
Healthzone directors charged with market manipulation Two directors of Healthzone Limited (in liquidation) and one former director have been charged with conspiring to manipulate the share price of Healthzone shares, following an ASIC investigation. 14-205MR. 19 Aug
Statement on Firepower investigation ASIC’s investigation into failed fuel technology company Firepower Holdings Group Ltd has been finalised following consultation with the Commonwealth Director of Public Prosecutions. 14-252MR. 26 Sep.
ASIC acts to restrain forex company We have commenced proceedings in the Federal Court of Australia to stop Monarch FX, and its former director and general manager, Quinten Hunter, from carrying on a financial services business. 14-266MR. 13 Oct.
Sydney woman convicted for fraud An ASIC investigation has led to Mrs Shashi Kanta Prasad, of Chipping Norton, NSW, being convicted for creating false loan documents in an attempt to secure home loans totalling more than $3.6 million. 14-234MR. 16 Sep.
Terramin Australia Limited 30 June 2014 half-year report ASIC has welcomed the announcement of a $3.8 million prior period write-off by ASX-listed, Terramin Australia Limited in its half-year financial report (ending 30 June 2014), relating to the exploration and evaluation assets of its Oued Amizour projects. 14-215MR. 29 Aug.
ASIC welcomes Westpac's payments to CGIC investors We have welcomed a decision by Westpac to offer to make payments to an additional seven investors in a failed scheme operated by CGIC following their contact with former Westpac Home Finance Manager, David St Pierre. 14-264MR. 10 Oct.
Former director jailed Mr Bill Katsabis, a former director of P.G. & N. Enterprises Pty Ltd (in liquidation) (P.G. & N) has been sentenced to two years and three months imprisonment following an ASIC investigation. 14-189MR. 7 Aug.
ASIC launches the National Financial Literacy Strategy 2014–2017 The new National Financial Literacy Strategy 2014–2017 aims to improve the financial literacy of all Australians by providing a national framework for action for stakeholders across the government, business, community and education sectors. 14-185MR. 1 Aug.