Tag: Australia

PCAOB Sanctions PwC Australia for Violations Related to Reporting and Quality Control Monitoring Requirements | PCAOB

The Public Company Accounting Oversight Board (PCAOB) today announced a settled disciplinary order(PDF) sanctioning PricewaterhouseCoopers LLP (“PwC Australia” or the “Firm”) for violations of PCAOB rules and quality control standards. Specifically, the sanctions address the Firm’s failure to timely report the initiation and conclusion of proceedings against the Firm by the Australian Tax Practitioners Board (TPB). The TPB proceedings related…

Read More

Binance 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 information. The action was part…

Read More

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 mining company. Schlosser also told…

Read More

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 conditions specifically prevented him leaving…

Read More

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 Overseas in Securities Fraud Litigation

Read More

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,…

Read More

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 trader, Lukas Kamay, speaks about…

Read More

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 a successful financial services dispute…

Read More

‘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 said the change would protect…

Read More