ASIC Media Releases

ASIC Launches Interactive Dashboard for Financial Complaints Data

The Australian Securities and Investments Commission (ASIC) has launched a new interactive dashboard providing unprecedented access to consumer complaints data. The dashboard allows users to compare complaints reported by individual financial firms, enhancing transparency and accountability within the financial services industry.

ASIC Warns Gen Z on Social Media Financial Advice Risks

ASIC has issued a warning to young Australians (Gen Z) about the risks of relying on social media and AI for financial advice. New research indicates a significant portion of Gen Z trusts these sources, leading to riskier financial decisions, particularly concerning cryptocurrency investments.

Macquarie Securities Fined $35 Million for Short Sale Misreporting

The Supreme Court of New South Wales has ordered Macquarie Securities (Australia) Limited (MSAL) to pay a $35 million penalty for systemic failures in reporting tens of millions of short sales over more than a decade. The court also found MSAL engaged in misleading conduct related to the misreporting.

ASIC bans financial adviser Raluca Terheci for six years

The Australian Securities and Investments Commission (ASIC) has banned financial adviser Raluca Terheci from providing financial services for six years. ASIC found she provided inappropriate advice and made false and misleading statements to clients regarding high-risk investments.

Remedy Housing Officers Sentenced for Dishonesty Offences

Three former Remedy Housing officials, Brent Smith, Mahmoud Khodr, and Fue Mano, have been sentenced for dishonesty offences related to promoting interest-free mortgages. The company received $1.83 million in deposits from 107 customers, with significant misappropriation of funds by the officials.

Capital Mining Limited Directors' Charges Discontinued

The Office of the Director of Public Prosecutions (Cth) has discontinued charges against former Capital Mining Limited directors Peter Dykes, Anthony Dunlop, and Peter Torney. ASIC considers the matter finalised following this decision.

ASIC Disqualifies Simon Raftery from Managing Corporations

The Australian Securities and Investments Commission (ASIC) has disqualified Simon Raftery from managing corporations for two and a half years due to his involvement in five failed companies. These companies owed approximately $43 million to creditors.

ASIC Disqualifies Director for Five Years Over 20 Company Failures

The Australian Securities and Investments Commission (ASIC) has disqualified Vincenzo Frank Tesoriero from managing corporations for five years due to his involvement in the failure of 20 companies. The disqualification stems from findings of improper conduct, including facilitating fraudulent transactions and mismanaging company funds.