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.
Comments
Well done ASIC, break out the Wet Lettuce once your best buddies Industry Super have sold ME.
ASIC & Industry Super = REGULATORY CAPTURE CORRUPTION at its worst.
Wow, ASIC would be ringing the bell loudly if it were one of the 4 retail banks, but as it's ME they're underpaying it. Notice they quite the reg sections, whereas for others they'd humanise the problem by stating things like stealing from the dead or unconscionable loans to vulnerable etc...
Wonder what Dick Hedware has to say? Richard you out there?
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