AFSL

Australia: Fraud charges dropped after witnesses become "unavailable."

vspace_10px.png

In a criminal prosecution brought by the Australian Securities and Investment Commission, ASIC, the financial regulator, two out of five criminal charges brought against an alleged fraudster were dropped because the witnesses in those cases became "unavailable." The charges related to conducting an unauthorised financial services business and to soliciting moneys which were used improperly.

Nevertheless, the accused has pleaded guilty to the remaining three charges at the door of the court before his trial commenced yesterday.

It's a long and convoluted story across years and jurisdictions as well as various enforcement agencies.

spacer_20_tallx1_wide.png

please_be_informed_front_page_article_separator.png

AUS winds up financial adviser and bans officer

vspace_10px.png

Following an ASIC investigation, the Federal Court of Australia has wound up Australian financial services Licensee CFS Private Wealth Pty Ltd and Combined Financial Solutions Pty Ltd, a corporate authorised representative of CFS Private Wealth, and restrained its director, Graeme Walter Miller, from providing financial services for 25 years. Miller is also disqualified from managing corporations for three years.

BIScom Subsection:

Enforcement

spacer_20_tallx1_wide.png

please_be_informed_front_page_article_separator.png

Australia: an Australian Financial Services Licence is a privilege not a right.

vspace_10px.png

In an unusual case, an Australian who applied to the Australian Securities and Investments Commission (ASIC) for an Australian Financial Services Licence (AFSL) was refused. He appealed to the Administrative Appeals Tribunal (AAT) which has upheld the decision. That, of itself, is uncommon but it's the grounds for refusal that turn it into a story.

But first some interesting information about information.

BIScom Subsection:

Crowdfunding

You are here