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10 Sep 2020 ASIC Updates

ASIC commences civil penalty proceedings against Dixon Advisory

ASIC has commenced proceedings in the Federal Court of Australia against Dixon Advisory and Superannuation Services Limited (Dixon Advisory), a subsidiary of ASX-listed Evans Dixon Limited.

ASIC alleges that Dixon Advisory representatives failed to act in their clients’ best interests and to provide advice that was appropriate to the clients’ circumstances.

Read more here.

ASIC bans former National Representative of BitConnect cryptocurrency investment scheme from providing financial services for seven years

ASIC has banned John Louis Anthony Bigatton from providing financial services for seven years.

Mr Bigatton provided unlicensed financial product advice and engaged in conduct, in relation to financial products and financial services, which was misleading or deceptive or was likely to mislead or deceive. This occurred through Mr Bigatton’s connection to the online cryptocurrency platform, BitConnect, and the investment scheme, BitConnect Lending Platform. 

Read more here.

ASIC obtains interim injunctions against James Mawhinney and appointment of provisional liquidators to Mayfair debenture issuer

ASIC has obtained interim orders in the Federal Court of Australia against companies in the Mayfair 101 group and their director, James Peter Mawhinney. This includes the appointment of provisional liquidators to M101 Nominees Pty Ltd, the issuer of the M Core Fixed Income Notes promoted by Mayfair 101.

Read more here.

Finance broker charged with making false statements to ASIC

Mr Zhuo Wang, a mortgage broker from Sydney, has been charged with three counts of knowingly making a false statement in credit licence annual compliance certificates lodged with ASIC.

Read more here.

Former Perth finance broker charged with fraud and forgery

Former Get Approved Finance broker, Mr Eric-John Larry Pryor, was charged with twelve offences including five counts of giving false and misleading information, two counts of forgery, two counts of uttering a forged record, two counts of fraud and one count of inducing a debtor to make a false or misleading declaration.

The charges relate to four motor vehicle finance contracts brokered by Mr Pryor between January 2013 and February 2013.

Read more here.

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