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The Latest Breaking News from ASIC

Shamed Aussies shun financial help for debt struggles

Millions of Australians struggling to make loan or debt repayments feel too embarrassed to ask for financial hardship assistance, new research has found.

AAP

How payday lenders target Australia’s most vulnerable – and the ‘whack-a-mole’ fight to crack down on them

Consumer groups say unlicensed lenders make promises of quick and easy cash – but high fees can drag borrowers into unsustainable debt

The Guardian - AU

Cocaine-fuelled adviser 'disgraceful' in duping clients

A financial adviser who ripped off almost $500,000 from clients was a drug user who spent about $3000 a week on cocaine, a court has heard.

AAP

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Auditor failed to meet ethical standards obligation: watchdog

ASIC also accepted the undertaking from his accounting firm.

The Canberra Times

ASIC victory in four-year pursuit of high-fee lenders

Two Gold Coast lenders could face hefty fines after charging over $70 million in fees for less than half that amount in loans issued without a credit licence.

AAP

Businesses and directors could face multi-million dollar penalties if they fail to disclose their climate impact

Large businesses will have to publicly disclose detailed information about what they are doing to reduce carbon emissions and other climate-related financial information under legislation before federal parliament.

The Conversation

'Abandoning customers': lenders fail battling borrowers

Mortgage stress in Australia is at its highest level since the global financial crisis but many borrowers are finding it too hard to get help from their bank.

AAP

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Sustainable investment must be real not faked: ASIC

The corporate watchdog wants Australia to attract sustainable investment, not scare it off, but not at the expense of well-meaning consumers and investors.

AAP

Urban Rampage banned from using Centrepay to sign up mostly Indigenous customers to credit arrangements

Asic finds arrangements posed ‘significant risk’ of financial hardship but clothing store says it will appeal ‘racist and paternalistic decision’

The Guardian - AU

Two cryptocurrency companies collapse owing $160m

Two separate Australian cryptocurrency companies have collapsed while federal court proceedings are being pursued against the directors of the businesses.

AAP

Software firm fires CEO, says $26m is still missing

Melbourne-based software company Dubber has accused its former CEO and a third-party trustee of misappropriating $30 million with 26.6 million still missing.

AAP

‘Financial abuse’: how a debit scheme to help vulnerable Australians led to exploitation instead

A Guardian investigation has revealed that Centrepay is exposing scores of welfare recipients to financial harm. Advocates say the government must act now

The Guardian - AU

Government ignored warnings more than 100 companies may be misusing Centrepay scheme, Asic says

Services Australia’s failure to act ‘inexcusable’ and urgent action needed to help people struggling to get by, senators say

The Guardian - AU

Directing companies shouldn't be a Sisyphean task: ASIC

The chair of Australia's corporate watchdog has drawn on Greek mythology to call out company directors who think their jobs are too hard.

AAP

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AAP

ASIC loses case over comparison site's crypto service

Finder has successfully defended a lawsuit brought by the corporate regulator, which was seeking penalties over its crypto asset-related product.

AAP

Mining magnate Gutnick banned from managing businesses

Former Melbourne Demons president "Diamond" Joe Gutnick has been disqualified from managing corporations for his involvement in three failed companies.

AAP

ASX pays $1m fine over market transparency breaches

The Australian Securities Exchange has paid a $1.05 million penalty to the Australian Securities and Investments Commission over a system error.

AAP

Regulator bares teeth at fugitive influencer 'ASX Wolf'

Bankruptcy orders have been imposed on Tyson Scholz, an Instagram finfluencer on the run from the law and banned from selling stock tips online.

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Newcastle Herald

'He groomed me': How UK scammer fleeced woman of $240,000

Newcastle disability pensioner lost $240,000 to investment scammer.

Newcastle Herald

How scammers are ripping off hard-working Novocastrians

Federal government is fighting back against online scammers.

The Guardian - AU

Morning Mail: police referral in crypto scheme, Australian link to Iran drone research, Prabowo ahead in Indonesia vote

Asic referred HyperVerse information to police in 2020 but no action taken; former general Prabowo Subianto on course for presidency

The Guardian - AU

Victoria police were asked to look at HyperVerse information in 2020 – but sent case back to Asic 22 months later

Australian financial regulator says it referred crypto scheme to police for alleged ‘possible fraud’ and believed matter was under ‘active consideration’

The Guardian - AU

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

Top News

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.

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