In the annual report from the Australian Securities and Investments Commission (ASIC), the regulator detailed the dollar amounts of its criminal and civil penalties.
The number of people or companies convicted had increased from 29 to 2020/21 to 33 in 2021/22 and there had been 20 non-custodial sentences or fines, up from 19 in the previous year.
However, the dollar value of these fines had significantly jumped this year from $151,100 to $2.1 million.
ASIC said this was the result of a fine of $1.71 million imposed to Avanteos Investments.
“The former subsidiary of Commonwealth Bank was convicted and penalised for failing to update defective disclosure statements, resulting in deceased consumers being charged fees after their death when Avanteos had no lawful authority to do so.”
Some 499 deceased members with funds in Avanteos superannuation products were charged $700,000 in fees when the firm was not entitled to do so.
In the civil space, there had been 61 civil litigations completed, up from 46, and 75 new civil litigations commenced. The number of new civil litigations had decreased from 83 in the previous year.
The total dollar value of civil penalties was up 21%, from $189 million to $229 million.
Ah Hedcase got you biting………ASIC already has the evidence of Industry Super Fund trustees using inside information to sell out at high values pre marking down Unlisted Assets.
ASIC already told Industry Super Fund trustees NOT to do that again. It’s illegal criminal activity.
My point is that ASIC didn’t actually criminally charge them when they could & should have.
ASIC got out the wet lettuce leaf for a tiny tap on the wrist for Industry Fund buddies.
ASIC & Industry Super = Regulatory Capture Corruption at its worst.
And only slow learners will expect anything different from that corruption.
Enjoy it whilst it last Hedcase, one day maybe the corruption will be pulled up.
Hey Hedware, have your Industry Fund buddies / trustees been using inside information again & switching out of ISA Funds investments that haven’t marked down the value of Unlisted Assets with more market falls ?
Sounds like criminal actions doesn’t it.
So why didn’t ASIC charge these ISA trustees when they were obviously being criminals ?
Oh that’s right ASIC never bust Industry Super do they ?
Yep slow learners if you don’t know that
Hey slow learner. There’s nothing stopping you from marshalling the evidence of your allegations and formally putting a cause for action to ASIC and going to the media and your buddies in the IPA and getting funding from your Heritage Foundation. Time for you to stop moaning and groaning and put some effort into proving your allegations. You never know you may be correct.
Ever wondered why employer bodies aren’t doing any of the spade work for you. Oh I forgot. Employers are directors and trustees of these industry funds and they are probably more interested in getting patient capital from these industry funds.
Slow leaners