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The Latest Breaking News from ASIC

Mundine’s mining venture fails to raise even one-fifth of required funds

Fuse Minerals, chaired by Nyunggai Warren Mundine, is at risk collapse after missing its deadline to complete its IPO fundraising from investors.

Crikey

Labor to provide $97m for victims of predatory insurance provider ACBF-Youpla

The support program will run for two years and aim to bring ‘peace of mind’ to thousands of Indigenous Australians

The Guardian - AU

Sam Lee appears in video promoting new investment scheme days after US fraud charges

Australian blockchain entrepreneur urges followers to ‘continue the journey’ with him in a video recorded days after he was charged with conspiracy to commit fraud

The Guardian - AU

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Westpac’s latest insider trading scandal shows corporate crime still pays

A $1.8 million fine has been doled out to Westpac for ‘unconscionable conduct’ that netted the bank $20 million, with a judge calling the punishment ‘risible’.

Crikey

Westpac Guilty of Misconduct in 2016 Rate Swap Deal

Australia's Westpac has been found guilty of misconduct in a 2016 rate swap deal by the country's financial regulator. Find out more about this case.

Top News

Westpac to pay millions after 'unconscionable conduct'

After being taken to court by the corporate watchdog, Westpac has been penalised for engaging in in unconscionable conduct in 2016.

AAP

Asic examines collapsed bitcoin company Blockchain Global after Guardian investigation

Regulator takes action after masthead reveals links between two of company’s directors and a series of failed crypto schemes

The Guardian - AU

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‘I do feel bad about this’: Englishman who posed as HyperVerse CEO says sorry to investors who lost millions

Exclusive: Stephen Harrison says he was paid to play role of chief executive of the crypto investment scheme but denies having ‘pocketed’ any of the money lost

The Guardian - AU

Hunter residents and super funds hit by $13m collapse of local lender Funda

'Unlikely to be a good outcome,' Funda director Nathan Wright.

Newcastle Herald

Asic faces questions over failure to warn consumers about HyperVerse crypto scheme

Assistant treasurer Stephen Jones says concerns should have been raised about scheme that appeared to be selling ‘worthless investment products’

The Guardian - AU

Newcastle AMP financial adviser banned for 'real conflict of interest'

AMP kept Darron Mink on after he breached the Corporations Act.

Newcastle Herald

Investors lose millions as crypto schemes operate unchecked in Australia

Exclusive: the New Zealand regulator has warned the schemes could be a ‘scam’ but they have escaped such scrutiny in Australia and thousands have lost money

The Guardian - AU

ANZ fined by regulator over disclosure failings

The Federal Court has ordered ANZ to pay a $900,000 penalty for failing to transparently declare where its shares went in a 2015 capital raising event.

AAP

Strategic partnerships, donations and prosecutions: Is Austal a good investment?

Would you invest your super in an arms company? Labor would like you to do just that, it says.

Crikey

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The Conversation

Social media ads are littered with ‘green’ claims. How are we supposed to know they're true?

Online platforms are awash with ads for so-called “green” products. Power companies are “carbon neutral”. Electronics are “for the planet”. Clothing is “circular” and travel is “sustainable”. Or are they?

AAP

Hefty fine for RACQ after misleading discounts

Insurer RACQ has been hit with a $10 million penalty in the Federal Court after potentially misleading customers about price discounts.

AAP

Mercer Financial fined $12m over fees for no service

Mercer admitted inadequate fee disclosures and to charging 761 clients a combined $4.7 million in fees for services they never received.

AAP

Nuix lawsuit 'in the teeth' of ASIC's own advice

Nuix has claimed public guidance provided by ASIC around disclosure contradicted the financial watchdog's own lawsuit against the investigative software firm.

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news in one place.

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Crikey

Secrecy law reforms shield journalists

Under changes to federal secrecy laws, journalists cannot be prosecuted for some secrecy offences unless the attorney-general says so, and former NSW premier Gladys Berejiklian’s name has been thrown up as a possible new CEO for Optus after the departure of Kelly Bayer Rosmarin.

inkl

Strategic Changes to CFD Trading in the UK and Australia

Discover how UK and Australian CFD traders adapt to new regulations with more intelligent risk management and strategic trading in the Forex and Crypto domains.

AAP

'Underperforming' Nuix stayed mum after $1.8b float

Nuix has been accused of misleading the market by not publicly divulging a failure to meet financial targets presented during a $1.8 billion public offering.

The Guardian - AU

Loan sharks taking advantage of desperate Australians amid cost-of-living crisis, Asic warns

Corporate watchdog says lenders targeting people with small, high-interest loans, leading to ‘debt spirals’

AAP

'Alarming': big gaps in organisations' cyber security

The corporate regulator has called on organisations to prioritise cyber security after a survey revealed significant threats to the private data of Australians.

The Canberra Times

What led ASIC to ban a Canberra property developer

Former directors had links to more than 40 companies.

AAP

Pair to stand trial over alleged $2.2 million fraud

Two men accused of using telemarketing to lure investors into a $2.2 million fraudulent property scheme have been ordered to stand trial.

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