Suspension

CySEC suspends Fenix Capital Markets Trading Ltd

Reason: Non CompliantContent of Penalty: The Cyprus Securities and Exchange Commission announces that the authorisation of the Cyprus Investment Firm Fenix Capital Markets Trading Ltd (‘the Company’), number 308/16, is suspended in whole, pursuant to section 71(6)(c) of Τhe Investment Services and Activities and Regulated Markets Law of 2017 (‘ the Law’) and section 10(1) of Directive DI87-05 for The ...

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ASIC bans former NAB branch manager for loan fraud

Reason: Fraudulent, UnregulatedContent of Penalty: ASIC has banned former National Australia Bank branch manager, Rabih Awad, from engaging in credit activities and providing financial services for seven years. The ban is the result of an on-going ASIC investigation, following a breach report lodged by NAB alleging that bank employees in the greater western Sydney area were accepting false documents in ...

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ASIC suspends AFS licence of Vesta Living Communities

Reason: Non CompliantContent of Penalty: The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of Vesta Living Communities Ltd (Vesta) after concluding that it had not maintained adequate compliance measures to meet its licence obligations. ASIC found Vesta had not met the organisational competence and financial resource requirements of its licence. Specific findings included ...

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ASIC has banned Queensland financial adviser Gerald Grubwinkler

Reason: Non CompliantContent of Penalty: ASIC has banned Queensland financial adviser Gerald Grubwinkler from providing financial services for four years. ASIC found that Mr Grubwinkler failed to act in his clients' best interests when providing advice on superannuation and insurance. Specifically, ASIC found that Mr Grubwinkler had failed to: adequately identify the subject matter and scope of the advice sought ...

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ASIC suspends Corpac Partners’ AFS license

Reason: Non CompliantContent of Penalty: The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of NSW-based Corpac Partners Pty Limited (Corpac Partners) from 28 February 2018 for failing to lodge financial statements and auditor's reports for a period of four years. This failure is in breach of both Corpac Partners' legal obligations and their ...

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ASIC bans Queensland financial adviser from financial services industry

Reason: Unregulated, Fraudulent Comment: ASIC has banned Mr Glenn William Connor from providing any financial services for the next seven years, after it was found that he had not complied with a financial services law.Content of Penalty: An ASIC investigation found that between 2008 and 2016 Mr Connor used clients' assets as security for his margin loan and borrowed client ...

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ASIC bans former Westpac and NAB financial adviser

Reason: AbuseComment: ASIC has banned Brisbane based financial adviser Christopher Ramsay from providing financial services for a period of five years for failing to act in the best interests of his clients, and giving advice that was not appropriate.Content of Penalty: ASIC found that Mr Ramsay failed in his obligations when he provided advice to his Westpac and NAB-subsidiary GWM ...

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ASIC bans Perth advisor for five years

Reason: AbuseContent of Penalty: The Australian Securities and Investments Commission (ASIC) has banned Perth-based financial adviser Philip Leake from providing financial services for a period of five years. ASIC found that Mr Leake failed to act in his clients' best interests when providing advice on life insurance. ASIC's surveillance of Mr Leake found that he had not considered his clients' circumstances ...

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SEC charged a former bitcoin-denominated platform a former bitcoin-denominated platform

Reason: Fraudulent, UnregulatedContent of Penalty: The Securities and Exchange Commission today charged a former bitcoin-denominated platform and its operator with operating an unregistered securities exchange and defrauding users of that exchange.  The SEC also charged the operator with making false and misleading statements in connection with an unregistered offering of securities.    The SEC alleges that BitFunder and its founder ...

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ASIC disqualifies director from managing companies for five years

Reason: Abuse, MiscodunctContent of Penalty: ASIC has disqualified Mr Peter Kalos of Kurnell, NSW, from managing companies for the maximum period of five years as a result of his involvement in nine failed companies. ASIC found that Mr Kalos: improperly used his corporate position by causing assets to be transferred for little or no consideration to the detriment of unsecured ...

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