Tag: ASIC

Australian Regulator Wins First Greenwashing Enforcement Action | The D&O Diary

As ESG-related litigation has developed, one definitive trend has been the emergence of litigation involving allegations of “greenwashing” – that is, claims alleging that companies overstated their ESG credentials in order to win business, attract customers, or score virtue points. To date, the greenwashing claims have emerged primarily in the U.S. and Europe. Now, Australia is getting into the act,…

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Australian ‘finfluencer’ gets 2-1/2 year sentence for market manipulation | Reuters

Australian trader and online personality Gabriel Govinda was sentenced to two and half years imprisonment after he pled guilty to 23 charges of market manipulation, the country’s securities regulator said on Wednesday. Govinda, who goes by the pseudonym ‘Fibonarchery’ on HotCopper, an online stock market chat forum, was also fined A$42,840 “for market manipulation and finfluencer conduct,” the Australian Securities…

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Former Tesla Motors Australia director pleads guilty to insider trading | ASIC

Former Tesla Motors Australia Pty Ltd (Tesla Australia) director Kurt Schlosser, of Sydney, New South Wales, has pleaded guilty at the Sydney Downing Centre Local Court to two counts of insider trading. On 16 September 2020, Mr Schlosser acquired 86,478 shares in the mining company Piedmont Lithium Limited after being informed, in his role as country director of Tesla Australia,…

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Lawyers investigate whether ASIC website glitch assisted insider trading – Australian Broadcasting Corporation

Until late last year, a flawed search tool allowed people to access all ASIC documents sent to any email address. There was no identification required, so people could spy on the company research of private equity investors if they knew their email address. ASIC has now told 770 people that their records have been forwarded to another email account. The…

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Australia: Calls to recoup white collar crime earnings; bring in deferred prosecution deals — SMH

The ill gotten gains of corporates and individuals who have broken the law should be clawed back and deferred prosecution agreements introduced that could see multi-billion-dollar fines for corporate wrongdoing. Those are some of the recommendations from the nation’s leading regulators in how to better tackle white collar crime. Unlike the US, Canada and the UK, Australia currently has no…

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ASIC wants to prosecute executives for ‘bad culture’ | afr.com

Mr Medcraft said ASIC was planning a “major campaign” on culture this year. “We intend to: first, incorporate culture into our risk-based surveillance reviews; second, use the surveillance findings to better understand how culture is driving conduct among those we regulate; and third, communicate to industry and firms where we have a problem with their culture and conduct.” “We will intend to enforce where we…

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For One Day, At Least, Australia a ‘Paradise for White Collar Criminals’ | Compliance Week

Australian Securities & Investments Commission Chairman Greg Medcraft stated last week that Australia’s white collar criminal penalties were so weak that “it’s worth breaking the law to do the trade” and that Australia was a “paradise for white-collar criminals.” After a concerned call from the country’s Finance Minister, however, Medcraft quickly “hosed down” his prior comments. via For One Day,…

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