Aggregated News From Investment Management Regulators

ASIC AU

Former Queensland company director sentenced for breaching directors’ duties

Colin Zampatti of Hope Island, Queensland, has been convicted of dishonestly breaching his directors’ duties. Mr Zampatti had earlier pleaded guilty to breaching his directors’ duties by using his position as director dishonestly, reckless as to whether he would gain an advantage for himself. Mr Zampatti placed R.C.G. Pty Ltd (A.C.N. 008 781 539) into liquidation without disclosing to the appointed liquidator particulars of a pre-existing lease, which had been entered into with an unrelated third party tenant, for use of land owned by RCG. After RCG was placed in liquidation, Mr Zampatti continued to invoice and collect rental income payable under...

ASIC cancels AFS licence of Metal Alpha Pty Ltd

ASIC has cancelled the Australian Financial Services (AFS) licence of NSW-based financial services provider Metal Alpha Pty Ltd, effective 19 May 2022. On 18 May 2022, Metal Alpha confirmed to ASIC that Metal Alpha was no longer carrying on a financial services business and had no intention to resume trading. On this basis, ASIC decided to cancel Metal Alpha’s AFS licence. ASIC may suspend or cancel an AFS licence if the licensee is no longer providing financial services. Metal Alpha may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision. Background Metal Alpha held AFS licence 414468 from 4 January...

ASIC acts against SMSF auditors who failed to lodge annual statements

ASIC has cancelled the registration of 10 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements. This follows reinstatement of their SMSF auditor registrations after ASIC’s previous cancellation for not lodging annual statements. These auditors requested ASIC to review its previous decision to cancel their registration. ASIC considered each SMSF auditor’s individual circumstances and reinstated their registrations with a clearly stated expectation that they would comply with their on-going obligation to lodge their annual statements. ASIC has recently informed all SMSF auditors with outstanding annual statements that if they remain non-compliant, their registration may be cancelled. SMSF auditors...

ASIC cancels AFS licence of Quattro Capital Group and bans director

ASIC has cancelled the Australian financial services (AFS) licence of Perth-based Quattro Capital Group Pty Ltd (Quattro) and banned its director, Grant Stewart Gibson, from controlling a financial services entity for eight years. Quattro was the AFS licensee of a number of authorised representatives, including representatives who were part of the Mayfair 101 Group and issued debentures promoted by Mayfair 101. Mr Gibson is the sole director of Quattro and its responsible manager. ASIC found Quattro failed to: maintain the competence to provide financial services; properly supervise its representatives and ensure they were adequately trained or competent to provide the financial...

ASIC proposes extending its binary options product intervention order

ASIC has today released Consultation Paper 362 Extension of the binary options product intervention order (CP 362), seeking feedback on a proposal to extend its product intervention order banning the issue and distribution of binary options to retail clients, until it is revoked or sunsets on 1 October 2031. ASIC banned the sale of binary options to retail clients, with effect from 3 May 2021, after finding that binary options had resulted in and were likely to result in significant detriment to retail clients. The product intervention order will expire on 7 October 2022 unless it is extended with the approval...

Queensland director disqualified from managing corporations for three years and six months

ASIC has disqualified Benjamin David Coventry Brown of Brisbane, Queensland, from managing corporations for three years and six months due to his involvement in the failure of two companies. Mr Brown was a director of two companies that went into liquidation between 2015 and 2016: Mistyak Pty Ltd (ACN 067 416 899), and SL Consulting (QLD) Pty Ltd (ACN 142 901 871). Mistyak operated two restaurants in Milton, Queensland while SL Consulting provided IT services to generate and optimise internet traffic. ASIC  found that Mr Brown acted improperly and failed to meet his obligations as director when he: failed to ensure that...

ASIC disqualifies former Victorian director for breaching directors’ duties

ASIC has disqualified James Sackl, of Southbank, Victoria, from managing corporations for three years and six months due to his involvement in the failure of five companies. Between October 2013 and December 2018 Mr Sackl was a director of: Dash Technologies Pty Ltd (ACN 611 629 773) Ad Astra Institute Pty Ltd (ACN 611 629 693) Karma3 Upcycling Pty Ltd (ACN 619 998 104) Sino Resources Group (Aust) Pty Ltd (ACN 609 061 234); and Universal Personnel Pty Ltd (ACN 166 106 681). Dash operated a software development business, Ad Astra operated a Registered Training Organisation (RTO) cooking school, Karma3 operated...

Former Chair, CEO and CFO of Bruck Textile Technologies charged with preventing recovery of employee entitlements

On 23 May 2022, Mr Philip James Bart and Mr Ronald George Johnson, the former Chair and Chief Financial Officer of Bruck Textile Technologies Pty Ltd respectively, appeared in Wangaratta Magistrates Court charged with one count each of preventing the recovery of employee entitlements. Mr Geoffrey Thomas Parker, the former Chief Executive Officer, previously appeared on the same charge on 21 March 2022. Following an ASIC investigation conducted under the Serious Financial Crime Taskforce (SFCT) into Bruck Textile’s activities, it is alleged that Mr Bart, Mr Johnson and Mr Parker entered into a transaction on or about 10 July 2014...

Warning: Scammers offering fake green bonds

ASIC is alerting investors of the existence of a number of fake green bonds. In Australia, green bonds are not directly available to the general public or retail investors. Any website or entity claiming otherwise is a scam. Scammers may represent themselves as well-known financial services firms and invite people to invest in fictitious environmentally sustainable green bonds. ASIC is aware of the existence of a number of fake green bonds. Green bonds are bonds that are used to finance new and existing projects that offer climate change and environmental benefits. They can be purchased by superannuation funds, fund...

ASIC bans financial adviser for five years

Financial adviser Walter Yaolong Guan, of Sydney, New South Wales, has been banned for five years from providing any financial services or controlling an entity that carries on a financial services business. ASIC found that between March 2017 and August 2021, Mr Guan, through his company Perennial Growth Pty Ltd, carried on a financial services business when he traded shares on behalf of clients and used managed discretionary accounts, despite neither he nor his company holding an Australian financial services (AFS) licence. For part of that period, Mr Guan was an authorised representative of an AFS licensee. However, Mr Guan’s authorisation...

NSW director has charges dismissed for making false statements to ASIC

Two charges laid against Tom Thompson of Cabarita, New South Wales, have been dismissed. Thompson had earlier pleaded guilty to two charges of making false or misleading statements in two forms lodged with ASIC (refer: 22-029MR). At the sentencing hearing in the Downing Centre Court on 19 April 2022, the Magistrate dismissed the charges under s19B(1)(c) of the Crimes Act, taking into account Thompson’s prior good character, his contribution to Australian arts and culture and the fact he was very unlikely to reoffend. While the Magistrate was satisfied that the charges were proven, the charges were dismissed. This news item was originally published...

Federal Court finds timeshare company Ultiqa failed consumers with multiple breaches of financial services laws

The Federal Court has made declarations that timeshare company Ultiqa Lifestyle Promotions Ltd breached financial services laws by failing to ensure that financial advice given to consumers was in the consumers’ best interests. Between October 2017 and March 2019, financial advisers acting as authorised representatives of Ultiqa advised consumers to invest in the Ultiqa Lifestyle Scheme, a timeshare scheme, despite such advice not being in the consumers’ best interests and not being appropriate to their circumstances. Consumers reported the upfront cost of joining the Scheme was between $10,000 to $25,000 with ongoing annual fees of up to $800. Most consumers who bought...

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

SEC Announces Departure of Investor Advocate Rick A. Fleming

The Securities and Exchange Commission today announced that Investor Advocate Rick A. Fleming will depart the agency after more than eight years of service. Mr.

Jury discharged in insider dealing trial without a verdict

Having been unable to reach a verdict in a trial at Southwark Crown Court brought by the Financial Conduct Authority (FCA), the jury was...

CRYPTOMININGSTREAM

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

CRYPTO PRIME

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

FCIM / FIRSTCRYPTOINFINITEMINER.ONLINE

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Get the latest from Regulatory.News in your inbox!

×