This Week In Penalties...

September 19, 2019

Australian Securities and Investments Commission

 

 

Market Manipulation

A director faced the Magistrates Court this week due to an alleged attempt of market manipulation.

 

According to the regulator, Ananda Kathiravelu was investigated for conspiracy to commit market manipulation in relation to Radar Iron Limited shares on the ASX between 12 May and 17 May 2016.

 

If Kathiravelu is found guilty, the maximum penalty is $810,000. 

 

 

Fraud Syndicate

ASIC and the Australian Federal Police (AFP) announced this week that a Melbourne woman faced the courts for her part in an extensive identity theft syndicate that affected superannuation and share fund customers.

 

The regulator said that up to 70 bank accounts had been created using fraudulent identities.

 

“Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience,” ASIC Commissioner Daniel Crennan said.

 

 

ClearView Compliance Review

A review of over 4000 files from 279 advisers has led ClearView to remediating $730,138 in compensation money to affected clients.

 

In their official statement this week, ASIC said that a sample review highlighted ‘broad areas of concern’, one of which was inadequate needs analyses being conducted by the company on potential clients.

 

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