Suggested Posts

This Week in Penalties...

Australian Securities and Investments Commission

Director Banned

The corporate regulator has banned former director Paul Nielsen from providing financial services for five years.

ASIC alleged that the former director of Linchpin and Endeavor failed to act in the best interests of members and used his position as an officer of companies to gain advantage for other matters that caused detriment to members of the Investport Income Opportunity Fund.

Securities Exchange Commission

Heath Fraud

This week, the US Securities Exchange Commission (SEC), charged Outcomes Health’s former executives Risi Shah, Dhardrah Agarwal, Brad Purdy and Ashik Desai for falsely representing the private healthcare advertising company’s financial success to investors, client and auditors to raise $US 487 million from a private offering that relied on that false pretence of the company’s growth.

The SEC allege the former executives overstated financial statements between 2015 and 2016 by $14.3 million and $30 million, respectively. This misrepresentation allowed them to raise about AUD719 million (US$487 million), nearly half of which went to Shah and Agarwal, the company’s co-founders.


Tags
No tags yet.

©2018-2019 by The GRC Institute - Governance, Risk & Compliance.  ABN: 42862119377