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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInBinance Australia Offices Searched by Markets Regulator in Derivatives Probe – Bloomberg
Binance’s offices in Australia were searched by the country’s financial markets regulator as governments around the world turn up the heat on the biggest cryptocurrency exchange. The Australian Securities and Investments Commission conducted searches at several Binance Australia locations on Tuesday, people with knowledge of the matter said, asking not to be identified discussing private […]
Former Tesla Australia Boss Avoids Jail After Insider Trading – Bloomberg
Schlosser was sentenced in the Sydney District Court to two years and six months in prison, though was immediately released on a good behavior bond, Australia’s securities regulator said Tuesday. Schlosser bought 86,478 shares in Piedmont Lithium Ltd. on Sept. 16., 2020 after becoming aware that Tesla had struck a supply deal with the Australia-listed […]
Accused insider trader had one-way ticket, considered flight risk | PerthNow
Commonwealth prosecutors feared a man, accused of insider trading, would leave and not return to Australia, having discovered he had a one-way ticket overseas. Cameron Waugh appeared in Perth’s Stirling Gardens Magistrates Court on Wednesday, where he’s facing six charges of insider trading. Seeking a 12-week adjournment, Crown prosecutor Rhionagh Rowley said the socialite’s bail […]
Investors Gain Traction Overseas in Securities Fraud Litigation
Investors suing multinational companies for securities fraud are finding their footing in the Netherlands and other courts outside the US. US courts are the epicenter of securities fraud litigation. But legal procedures in other countries’ courts are maturing, and litigation funders are flowing money into these jurisdictions, helping to remove obstacles. Source: Investors Gain Traction […]
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 […]
Australia Crypto ETFs See Trading Evaporate – Bloomberg
Australia got its first exchanged-traded products linked to Bitcoin and Ether last month, and investors reacted with a shrug. Three ETFs (tickers: CBTC, EETH and EBTC) that launched on May 12 have seen trading volumes collapse since they started trading. The Cosmos Purpose Ethereum Access ETF (CPET), which started trading on Tuesday, saw just 2,073 […]
The Sure Thing podcast: ‘It was just chaos’: The day police cracked an $8 million scam
One of the men behind Australia’s biggest insider trading case has broken his silence, detailing his role in a heist of almost $8 million involving secret accounts, betrayal and a police chase resembling a mafia sting. Christopher Hill, who worked at the Australian Bureau of Statistics at the time, and passed confidential information to NAB […]
DLA Piper boosts financial services litigation capability with partner hire in Australia | News | DLA Piper Global Law Firm
Global law firm DLA Piper announces that financial services dispute resolution and class actions lawyer Matthew (Matt) Spain has joined the firm, effective today. Matt joins DLA Piper from King & Wood Mallesons’ (KWM) Financial Services Dispute Resolution group, where he has spent the past 13 years. During his time at KWM, Matt has built […]
‘Green light to hide information’: Australia’s recovery at risk from company disclosure changes | Australia news | The Guardian
Investment in Australia that will be crucial to recovering from the coronavirus crisis could be put at risk because the treasurer, Josh Frydenberg, has watered down laws requiring company directors to keep the market properly informed, say advisers to funds controlling trillions of dollars. In a seven-paragraph press release issued late on Monday afternoon, Frydenberg […]
Avoiding a securities class action: What companies and directors need to consider post-Myer | Global law firm | Norton Rose Fulbright
On 24 October 2019, the Federal Court of Australia handed down Australia’s first securities class action to proceed to judgment. The decision has provided welcome clarity around three issues. First, the interpretation of the continuous disclosure obligation in s 674 of the Corporations Act 2001 (Cth) and the associated ASX Listing Rules. Secondly, the acceptance […]