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This week in Penalties…

August 21, 2019

 

 

Australian Securities and Investments Commission (ASIC)

 

Director disqualified

The corporate regulator disqualified Cairns-based Director, Paul Corradi, for five years for his involvement in the management of seven failed companies. Amounts owing from the failed companies total $2 million.

 

Advisers charged with fraud

Adviser Keith Flowers, permanently banned from the industry in 2014, is accused of using his position at 1 Source Wholesale dishonestly between the period of June 2011 and April 2012 for the benefit of himself and his company, Flowers Financial Group, by the transferring or withdrawing $179,000 of seed capital.

 

Former NAB branch manager admits to fraud

According to ASIC, former Nab Manager Matthew Alwan plead guilty to breaching the NSW Crime Act. Alwan was accused of making false and misleading statements in relation to 24 home loan applications.

 

Director banned for eight years

David Goldberg has been banned from financial and credit activities for eight years for operating an illegal early-access-to-superannuation scheme in Perth. It was ruled that he would likely breach financial services law again.

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