ASIC

News and articles relating to the Australian Securities and Investments Commission (ASIC).

SMSF property advice leads to 3 year exclusion from financial services

ASIC has accepted an Enforceable Undertaking from a Gold Coast accountant preventing her from providing financial services for three years, following an investigation into SMSF advice involving property. The regulator says it found Jenan Oslem Thorne (also known as Cenan Thorne or Cenan Dikmen) had “failed to act in the… Read More »SMSF property advice leads to 3 year exclusion from financial services

Court restrains unlicensed SMSF property advice business

The Supreme Court of Queensland has issued orders restraining an individual and a company from conducting an unlicensed financial services business advising on SMSFs and property. Late last year ASIC commenced legal proceedings against Richard Gardner – a credit representative and former financial adviser – and Advanced Wealth Financial Services… Read More »Court restrains unlicensed SMSF property advice business

25 year financial services ban for personal use of clients’ superannuation

The Federal Court has handed down a 25 year ban from providing financial services, relating to the “misuse” of clients’ superannuation.

The Federal Court of Australia has restrained Graeme Walter Miller from providing financial services for 25 years, disqualified him from managing companies for three years, and wound up Australian Financial Services Licensee CFS Private Wealth Pty Ltd and its corporate authorised representative
Combined Financial Solutions Pty Ltd.

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Conviction for stealing superannuation leads to permanent financial services ban

ASIC announced that it has permanently banned Mr Craig James Wilson from providing financial services or engaging in credit activities. The move by the regulator comes after Mr Wilson was convicted in August of four counts of ‘stealing as a servant’ by the District Court of Western Australia. ASIC said:… Read More »Conviction for stealing superannuation leads to permanent financial services ban

Almost $9 million in penalties for loans tied to financial advice

The Federal Court has imposed almost $9 million in penalties on a financial services and credit business. The firm, Financial Circle, was offering personal loans to consumers of up to $5,000 if they received and implemented financial advice. “The advice typically recommended purchasing personal insurance products and switching superannuation providers,”… Read More »Almost $9 million in penalties for loans tied to financial advice