Suspension

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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SEC Suspends Trading in Three Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology

Reason: AbuseContent of Penalty:   The Securities and Exchange Commission today suspended trading in three companies amid questions surrounding similar statements they made about the acquisition of cryptocurrency and blockchain technology-related assets. The SEC’s trading suspension orders state that recent press releases issued by Cherubim Interests Inc. (CHIT), PDX Partners Inc. (PDXP), and Victura Construction Group Inc. (VICT) claimed that ...

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ASIC bans mortgage brokers from credit for three years

Reason: Abuse, MiscodunctContent of Penalty: ASIC has banned Michael Wilkins, of Watanobbi, NSW, from engaging in credit activities for three years. Mr Wilkins was a mortgage broker and helped clients to arrange finance to purchase properties. ASIC found that on five occasions in June and July 2010, Mr Wilkins submitted loan applications on behalf of clients in which he deliberately ...

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SFC bans Chan Wai Nun for six months

Reason: AbuseContent of Penalty: The Securities and Futures Commission (SFC) has banned Mr Chan Wai Nun, a former investment counsellor of DBS Bank (Hong Kong) Limited (DBSHK), from re-entering the industry for six months from 19 January 2018 to 18 July 2018 for transferring client data out of DBSHK prior to his departure from DBSHK to join another bank (Note ...

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