ME Bank charged

ME-Bank/ASIC/

27 May 2021
| By Chris Dastoor |
image
image image
expand image

The Australian Securities and Investments Commission (ASIC) has made criminal charges against formerly industry fund-owned Members Equity Bank (ME Bank) in the Federal Court of Australia.

These charges related to alleged contraventions of sections 12DB(1)(g) and 12GB(1) of the Australian Securities and Investments Commission Act 2001 and sections 64(1) and 65(1) of the National Credit Code, between 2 September, 2016 and 3 September, 2018.

The court had not yet set a date for the first return of the matter, but further details would be released following after the hearing.

The matter was being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 1 day ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

2 days 18 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5