The corporate regulator has banned an NSW mortgage broker from engaging in credit activities for seven years.
The Australian Securities and Investments Commission (ASIC) has banned Engadine mortgage broker Chandar Prakash Sahai from engaging in credit activities for seven years.
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The corporate regulator has banned an NSW mortgage broker from engaging in credit activities for seven years.
The Australian Securities and Investments Commission (ASIC) has banned Engadine mortgage broker Chandar Prakash Sahai from engaging in credit activities for seven years.
[…] […]
The corporate regulator has banned an NSW mortgage broker from engaging in credit activities for seven years.
The Australian Securities and Investments Commission (ASIC) has banned Engadine mortgage broker Chandar Prakash Sahai from engaging in credit activities for seven years.
[…] […]
The corporate regulator has banned an NSW mortgage broker from engaging in credit activities for seven years.
The Australian Securities and Investments Commission (ASIC) has banned Engadine mortgage broker Chandar Prakash Sahai from engaging in credit activities for seven years.
[…] […]
In the long-awaited joint appearance of outgoing ASIC chairman James Shipton and his deputy/rival Karen Chester before Parliament’s refreshed Joint Committee on Corporations and Financial Services last Friday, new chairman Andrew Wallace devoted no small amount of time questioning the pair on the collapse of Greensill Australia.
Asked how ASIC was keeping an eye out for future Greensills, Chester said ASIC partly did this through its Emerging Threats and Harms Committee.
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In the long-awaited joint appearance of outgoing ASIC chairman James Shipton and his deputy/rival Karen Chester before Parliament’s refreshed Joint Committee on Corporations and Financial Services last Friday, new chairman Andrew Wallace devoted no small amount of time questioning the pair on the collapse of Greensill Australia.
Asked how ASIC was keeping an eye out for future Greensills, Chester said ASIC partly did this through its Emerging Threats and Harms Committee.
[…] […]
In the long-awaited joint appearance of outgoing ASIC chairman James Shipton and his deputy/rival Karen Chester before Parliament’s refreshed Joint Committee on Corporations and Financial Services last Friday, new chairman Andrew Wallace devoted no small amount of time questioning the pair on the collapse of Greensill Australia.
Asked how ASIC was keeping an eye out for future Greensills, Chester said ASIC partly did this through its Emerging Threats and Harms Committee.
[…] […]
In the long-awaited joint appearance of outgoing ASIC chairman James Shipton and his deputy/rival Karen Chester before Parliament’s refreshed Joint Committee on Corporations and Financial Services last Friday, new chairman Andrew Wallace devoted no small amount of time questioning the pair on the collapse of Greensill Australia.
Asked how ASIC was keeping an eye out for future Greensills, Chester said ASIC partly did this through its Emerging Threats and Harms Committee.
[…] […]
ASIC has received reports predominantly from overseas investors who invested with Beurax via beurax.com, who are now unable to withdraw their investments. Beurax has stopped communicating with those investors.ASIC’s concernsBeurax promoted deposit plans and claimed investors could earn returns from 1.4% per day on their investments. This is currently an unrealistically high rate of daily return and a warning that the investment is highly speculative and high risk.
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ASIC is concerned by recent increases in the number of new retail investors who may be unaware of their risk exposure.There are now 1.25 million active online traders in Australia, of which 435,000 placed their first trade on a share market in the 2020 calendar year, according to research firm Investment Trends.[1] Almost half (49%) of first-time investors surveyed were aged between 25 and 39, while 18% were under 25 years old.
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ASIC is aware of greater numbers of scammers taking advantage of people throughout the COVID-19 pandemic. Reports of misconduct to ASIC over January/February 2021 are up by more than 200% compared to last year.Many scammers are sophisticated at creating fake platforms, which often include imposter social media pages, websites, phone lines, fake regulators and stock exchanges. It’s increasingly difficult to differentiate between legitimate companies and scammers.
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The former director of a mortgage brokerage has pleaded guilty to making a false statement to ASIC.
Ding Yang stood as director of Melbourne-based Advanced Choice Finance Pty Ltd (ACF), which held an Australian credit licence with Yang as the sole fit and proper person and responsible manager on the licence.
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ASIC is aware of a fake website and social media page called Market Makers Insider/MMI Forex that is misleading and scamming investors. The pages:wrongly display ASIC Chair James Shipton’s name and photos to give the impression that he is the CEO of the fake entity;falsely claim that it buys “ASIC Insurance” on a weekly basis; andfalsely claim traders will see high returns of 70% from the scheme.
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Fake Bitcoin endorsementsASIC is aware of fake endorsements being used to promote cryptocurrency scams and has received a number of reports from the public.The fraudulent use of celebrities, prominent businesses, news sites and government agencies in the marketing of financial products and services is a key indicator of a scam.
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