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This week in Penalties…6 December-10 December

Thursday 9 December 2021

 
Matthew Rixon was sentenced by the Paramatta Local Court for five months in prison for making false and misleading statements to the Australian Securities and Investments Commission (ASIC) between March and October of 2015.

ASIC Deputy Chair Sarah Court said in an official statement this the week, “Mr Rixon repeatedly and deliberately misled ASIC by providing false information in forms he submitted. Not only did his conduct impact ASIC’s ability to conduct proper supervision, he dragged other people into his wrongdoing, using their details without permission. That Mr Rixon has been jailed demonstrates the seriousness of his conduct.”




 
The Australian & New Zealand Bank (ANZ) is facing enforcement pressure from the Australian Securities and Investments Commission (ASIC)  for failing to provide promised benefits to customers between the mid-1990s  to September 2021.

According to ASIC, this included failing provide  fee waivers and interest rate discounts to approximately 580, 447 customers which resulted in the member of the big four having to  remediate almost $ 200 million.

ASIC Deputy Chair Sarah Court said in an official statement this week , “ANZ’s conduct was long standing and impacted over half a million customers. These customers were entitled to receive the benefits they signed up for and in many instances paid for. This case is yet another example of a widespread system failure by a major bank impacting thousands of customers.”




 Former Director Van Nguyen has been charged with lodge a misleading document to the Australian Securities and Investments Commission (ASIC) when declared Melcorp  Fabrics did not have outstanding liabilities.

ASIC alleged that the company owes over $12, 000.





The Australian Securities and Investments Commission (ASIC) brought criminal charges against Avanteos for failing to update its disclosure statements despite receiving legal advice that it did not have authority to deduct fees form superannuation members after they are dead.

ASIC said in a public statement, “During the period 6 January 2016 to 1 May 2018, disclosure statements for eighteen superannuation products issued by Avanteos were defective, as they failed to tell superannuation fund members, they would be charged adviser service fees after their death.

The regulator continued that as a result 499 deceased members affected, but there has been remediation since then.





Former Director Jeffrey Aiken was disqualified by ASIC from managing corporations for five years  for his involvement in four failed companies.

Former Director Sharon Peart banned from managing corporation for the three years and nine months for her involvement in the three failed companies.
 
Former Director Kay Elizabeth Sinclair was banned by ASIC from managing corporations for two years for her involvement in two failed companies.