ASIC VIEW

On 10 July 2019, ASIC’s case against James Gibbs came to a close and he was sentenced to 10 years imprisonment, with a non-parole period of seven years to serve. James Gibbs stole $4.88 million from his clients when he was acting as their financial adviser. His clients trusted him with their savings, with their money to be used for their retirements, and he devastatingly broke that trust by using that money for his own purposes. In this episode, we hear from Dallas, one of Mr Gibbs' victims who helped build ASIC's case, as well as ASIC investigator, Chris Rowe. Read ASIC media release's for more information: 19-179MR Former Adelaide financial adviser sentenced to 10 years imprisonment

In this interview with the Chair of the European Securities and Markets Authority Steven Maijoor, ASIC Commissioner Sean Hughes explores the balancing act between consumer choice, innovation and consumer protection and the use of product intervention powers by regulators around the world.

A man sits outside an office building on his laptop. He keeps to himself and passers-by don’t really notice him. He has been outside this office building before, but he is not interested in going inside. Unknown to those around him, and the company operating inside the building, this man is inside their network, accessing confidential information and reading their emails. He’s after inside information. Steven Oakes was sentenced on 25 June 2019 in the County Court at Melbourne to a total effective sentence of three years imprisonment, and ordered that he be released after serving 18 months of the term of imprisonment, on his own recognisance to be of good behaviour for 18 months, after pleading guilty to a total of 11 charges for insider trading, unauthorised access to data with the intention to commit a serious offence (insider trading) and the alteration of electronic devices required by ASIC.  In this episode, we hear from the investigators behind ASIC’s case - Peter Ridgley and Anthony Vardy. For more

In this interview with the Secretary General of the International Association of Insurance Supervisors (IAIS) Jonathan Dixon, ASIC Executive Director (Financial Services) Michael Saadat explores the role of the international standard setting body for insurance regulators - the IAIS, its priorities and challenges, and the impact of advancements in technology on regulation.

In this episode we take you behind the scenes of a ponzi scheme, where unbelievably good returns are offered to investors, the scheme operator seems to be trustworthy – but it’s all smoke and mirrors. ASIC investigators Kaan Finney and David McArthur explain how ponzi schemes work, how operators attract investors, how ASIC investigates and shuts down these schemes and most importantly, how can you can avoid getting caught up in a scheme. A ponzi scheme is an investment scam where the promoter convinces people to invest in the scheme. Money is deposited by early investors and used to pay the first round of returns. However, new money invested is used to pay older returns to investors. People are led to believe there is an investment because of this when often there actually is no investment at all or the investment is not what they think it is. There are  practical tips on how to avoid ponzi schemes and other types of investment scams on ASIC’s MoneySmart website or you can subscribe to our media releases t

ASIC has today released its enforcement update report for the period 1 July 2018 to 30 December 2018. A copy of the report - outlining key actions taken over the past six months to enforce the law and support our enforcement objectives - can be found here. The report also covers ongoing areas for particular focus, including ASIC Deputy Chair Daniel Crennan QC’s discussion of recent reforms enabling ASIC to pursue harsher civil penalties and criminal sanctions against banks, their executives and others who have breached corporate and financial services law.

ASIC has welcomed the passage of key financial services reforms contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) legislation introducing: a design and distribution obligations regime for financial services firms; and a product intervention power for ASIC The design and distribution obligations will bring accountability for issuers and distributors to design, market and distribute financial and credit products that meet consumer needs. Phased in over two years, this will require issuers to identify in advance the consumers for whom their products are appropriate, and direct distribution to that target market. The product intervention power will strengthen ASIC’s consumer protection toolkit by equipping it with the power to intervene where there is a risk of significant consumer detriment. To take effect immediately, this will better enable ASIC to prevent or mitigate significant harms to consumers. These reforms were recommended by the Financi

Mr Nakhl engaged in dishonest conduct and was found guilty in the District Court of New South Wales. The court set Mr Nakhl a non-parole period of 6 years. View the ASIC media release (19-055MR) for more information Mr Nakhl was convicted on eight charges (18-178MR), brought by ASIC, of engaging in dishonest conduct with investor funds. The conduct affected 12 investors while Mr Nakhl was a representative of Australian Financial Services Limited (in liquidation) and as sole director of SydFA Pty Ltd (deregistered). The court found Mr Nakhl advised clients to set up self-managed superannuation funds and to invest their superannuation and other funds in products such as shares, managed funds and high interest rate bank accounts. Rather than investing the 12 investors’ funds in these products, Mr Nakhl used these funds 'as he pleased' and for his own purposes. Mr Nakhl then lied to the investors, telling them that he had invested their funds in accordance with his advice and that their investments were perfo