On 3 February 2025, the District Court of Western Australia announced that former financial advisor, Anthony Paul Torre, pleaded guilty to three counts of stealing and two counts of fraud, resulting in the misappropriation of $1,030,000 of client funds. The offences occurred between March 2010 and January 2015, with a maximum penalty of seven years imprisonment per offence. Mr Torre has been remanded in custody pending a sentence hearing scheduled for 9 June 2025. For more information, please click here.

On 5 February 2025, ASIC announced that Mark Barnes, a director from Sutherland, New South Wales (NSW), has been charged with two counts of dishonestly obtaining a financial advantage by deception and one count of attempting to do so. The charges stem from allegations that between May 2018 and December 2019, Mr Barnes submitted false invoices through his company, Barnes Marketing Services Pty Ltd (In Liquidation), to FIFO Capital Metro NSW, falsely claiming services were provided to the Sydney Symphony Orchestra, resulting in over $2.4 million in illicit gains. The matter is set for further mention on 4 March 2025. For more information, please click here.

On 6 February 2025, ASIC provided an update regarding the charges against former directors of Capital Mining Limited, Peter James Dykes and Peter Alan Torney, who were charged with dishonestly using their positions. Additionally, former director Anthony John Dunlop faced similar charges. Although these matters were discontinued in the District Court of Western Australia on 1 November 2024, the Commonwealth Director of Public Prosecutions (CDPP) indicated an intention to file an ex officio indictment in NSW. As of now, no such proceedings have been initiated, and the matters remain under review by the CDPP. For more information, please click here.

On 7 February 2025, ASIC announced the permanent banning of Lachlan John King, a former financial adviser from Queensland, following his conviction for fraud. Mr King was found guilty of stealing nearly $1.8 million from clients, including family members. Under the Corporations Act and the National Consumer Credit Protection Act, he is prohibited from providing financial services, engaging in credit activities, or controlling any financial services business. This ban took effect on 5 February 2025 and is recorded in ASIC's banned and disqualified register. Mr King was sentenced to concurrent prison terms of five and eight years and is eligible for parole in August 2026. For more information, please click here.

On 7 February 2025, ASIC announced a successful appeal in the Full Federal Court regarding the voluntary disclosure regime, specifically in the case against Noumi's former managing director and CEO, Rory Macleod. The Court ruled that providing documents to ASIC under a voluntary disclosure agreement does not automatically waive legal professional privilege (LPP). ASIC Deputy Chair Sarah Court expressed satisfaction with the decision, which clarifies the use of voluntary disclosure agreements and is expected to encourage cooperation with ASIC in future investigations. The appeal overturned a previous ruling that found Noumi had waived LPP when disclosing documents to ASIC. The proceedings against Mr Macleod will continue, with a liability hearing to be scheduled. For more information, please click here.

On 7 February 2025, the Office of the Director of Public Prosecutions (Cth) announced that Vickie Anne Vella of Ropes Crossing, NSW, has been charged with dishonestly using her position as a director to gain an advantage for herself. The charges stem from an ASIC investigation, alleging that between 4 August 2016 and 5 April 2018, Ms Vella misappropriated approximately $1,565,298 from two companies, Midcoast Reinforcement Pty Ltd and Coast Reo Pty Ltd, while they were in liquidation and owed significant debts to creditors. The matter is set for further mention on 11 April 2025. For more information, please click here.

On 11 February 2025, the Financial Services and Credit Panel (FSCP) issued a two-year registration prohibition order against financial adviser Glenn Paul Meilak, effective from 10 February 2025. The FSCP found that Mr Meilak provided inadequate advice regarding self-managed superannuation funds (SMSFs), demonstrating systemic incompetence and failing to prioritise his clients' interests. As a result, his registration as a financial adviser has been cancelled and he is barred from giving personal advice to retail clients until 10 February 2027. For more information, please click here.

On 17 February 2025, ASIC issued two interim stop orders on the public offer of redeemable preference shares by Green Planet Recycling Solutions Limited, an unlisted public company. The orders were prompted by concerns over inadequate disclosure in the prospectus lodged on 29 January 2025 and the failure to prepare a target market determination (TMD) as required by design and distribution obligations (DDOs). The interim stop orders prevent the company from offering or issuing securities and providing financial advice to retail clients for 21 days, unless revoked earlier. For more information, please click here.

On 19 February 2025, the Victorian Court of Appeal dismissed former Melbourne financial planner Bradley Grimm's appeal against his dishonesty conviction and sentence. Convicted on 5 September 2024 for engaging in dishonest conduct while managing a financial services business, Mr Grimm was sentenced to 18 months' imprisonment, with nine months to serve. The court rejected his claims of a miscarriage of justice and deemed his sentence appropriate given the serious nature of his offences, including dishonest transfers of funds and shares without proper disclosure to clients. Mr Grimm will serve the remainder of his sentence. For more information, please click here.

On 21 February 2025, the Federal Court ordered AustralianSuper to pay a $27 million penalty after finding it failed to merge multiple member accounts, breaching its fundamental duties to members. Justice Hespe highlighted systemic failures in compliance processes over nearly nine years, which led to approximately 90,700 members incurring $69 million in losses due to multiple fees and lost earnings. ASIC Deputy Chair Sarah Court said that the misconduct betrayed member trust and underscored the need for improved oversight. All affected members have since been remediated. For more information, please click here.

On 24 February 2025, the Federal Court penalised former executives of The Star Entertainment Group Ltd, Gregory Hawkins and Harry Theodore, for breaching their duties. Hawkins was ordered to pay $180,000 and disqualified from managing corporations for 18 months, while Theodore faced a $60,000 penalty and a nine-month disqualification. The court found that both executives failed to uphold their responsibilities under the Corporations Act, with Hawkins notably approving a risky agreement with a gambling junket and Theodore allowing misleading information to be sent to a bank. For more information, please click (here).

On 25 February 2025, ASIC announced an eight-year ban on Mr Peter Aardoom, the director of JB Markets Pty Ltd, from providing financial services or controlling any financial services entity. The ban follows ASIC's findings that Aardoom engaged in dishonest conduct, including entering into a false loan agreement, failing to issue shares in a timely manner, and misrepresenting a creditor's status during a restructuring process. This decision, effective from 19 February 2025, reflects ASIC's belief that Aardoom is not a fit and proper person for the financial services industry. For more information, please click here.

On 26 February 2025, ASIC announced the cancellation of the Australian credit licences of Tracie Lee Hanson and William James Lawrence, both based in Queensland. Ms Hanson failed to comply with several regulatory requirements, including the non-submission of three annual compliance certificates and non-payment of fees, leading to her licence cancellation on 4 October 2024. Mr Lawrence's licence was cancelled on 28 January 2025 due to six years of unpaid industry funding levies. Both individuals have the right to seek a review of ASIC’s decision from the Administrative Review Tribunal. For more information, please click here.

On 27 February 2025, the Federal Court issued interim orders to freeze certain assets belonging to Melbourne-based financial adviser Ferras Merhi, following an application from ASIC. This action is part of an ongoing investigation into Mr Merhi and associated entities related to various managed investment schemes, including the Shield Master Fund. The asset freeze will remain in effect until 4 April 2025, when a final hearing will determine whether the orders should continue. For more information, please click here.

On 28 February 2025, ASIC announced that it has obtained interim orders from the Federal Court to freeze the assets of Falcon Capital Limited, the First Guardian Master Fund, and its director, David Anderson. This action aims to protect investor funds during an ongoing investigation. The court orders restrict Falcon and Mr Anderson from removing property, selling or encumbering it, incurring new liabilities, or dealing with funds in their bank accounts, with limited exceptions for specific transactions. A further court hearing is scheduled for 14 March 2025. For more information, please click here.