Perth investors facing $200m shortfall: ASIC

The Federal Court in Perth has approved the appointment of interim receivers to the property of Chris Marco, who the corporate watchdog has accused of running a large Ponzi scheme that is deeply in the red.

Govt relaxes company disclosure rules

The federal government has temporarily amended continuous disclosure provisions that apply to companies and their officers, citing concern about companies being exposed to opportunistic class actions.

Omni Bridgeway on front foot

The biggest player in Australia’s litigation funding market has supported new licensing rules proposed by the federal government while also pushing for the new requirements to be extended to law firms.

Govt to streamline procurement, approvals

The state government has unveiled reform packages designed to improve procurement processes and environmental approvals, with the latter seen as an important step towards a keenly awaited bilateral approvals plan with the federal government.

Safety summit on the way

UPDATED: The state government has called an “urgent” summit of farm leaders to discuss workplace safety, at a time when a broad coalition of industry groups have been pushing to halt controversial changes planned to its Work Health and Safety legislation.

ASIC charges two former directors

Former BAC Group managing director Mark Armstrong has been charged with making a misleading statement to the Australian Securities and Investments Commission, and ex-Stellar Corporate Solutions director Craig Dale will face court on charges of avoiding anti-money laundering reporting requirements.

Caratti debts exceed $300m

Two court rulings this month have paved the way for the continued investigation of property developers Allen Caratti and Tina Bazzo, who are being pursued by the Australian Tax Office, the Federal Police, and liquidators.

Mandatory code to guide commercial rent relief

Landlords will be forced to reduce commercial rents by the same proportion that the tenant’s revenue has fallen due to the COVID-19 outbreak, under a new mandatory code of conduct announced by the federal government today.

Armadale hit with $110k fine

The City of Armadale has been hit with one of the largest fines imposed for a workplace safety breach in Western Australia, after state government agency WorkSafe appealed the penalty initially imposed over a 2014 incident.

Perth adviser, sales rep receive bans

Kelmscott-based adviser Anthony Hilsley has been banned from providing financial services for four years, while real estate sales representative James Mitsopoulous has been banned from working in the industry for 10 years.

Ban reduced for Perth accountant

Keith Bowker, who was previously banned six years from providing financial services, has received a reduced ban of two years after appealing the ASIC decision to the Administrative Appeals Tribunal.

ASIC bans Mark Goldenberg

Property analyst Mark Goldenberg has been permanently banned from engaging in any credit activities, after he was found operating an illegal early access to superannuation scheme in Perth.

Rethink needed for recycling

The Ewaste Watch Institute’s John Gertsakis says there are several issues with the National Television and Computer Recycling Scheme that need to be resolved to improve the sector.

ACCC raises concerns over AFG deal

Australia’s consumer watchdog has raised concerns over the proposed acquisition of mortgage aggregator Connective by Perth-based Australian Finance Group, as the merged group will have nearly 40 per cent market share.

Horizon Power fined $40,000

Electricity provider Horizon Power has been fined $40,000 for incorrect work in Kununurra, causing a fire and telecommunications equipment at various properties to become potentially unsafe.

Former Kleenmaid boss found guilty of fraud

Andrew Young, the former director and founder of collapsed whitegoods distributor Kleenmaid, has been found guilty today on 19 charges involving fraud and insolvent trading.

ASIC bans Perth adviser

The Australian Securities and Investments Commission has banned Wayne Blazejczyk from providing financial services for five years, saying the Perth adviser had failed to meet best interest obligations

ASIC acts on $240m investment scheme

The corporate regulator is seeking to wind-up an alleged unregistered managed investment scheme run by Mt Hawthorn resident Chris Marco, who received about $240 million from 132 investors.

27 banks join first home loan deposit scheme

P&N Bank and Bendigo and Adelaide Bank are among 27 lenders, including just two of the big four banks, now eligible to offer mortgages under the federal government’s first home loan deposit scheme, aimed at low and middle income earners.

ASIC takes action on Sterling First

The corporate regulator has started court action against Sydney-based company Theta Asset Management and its director Robert Marie over Theta's role as responsible entity for one of the main businesses in the collapsed Sterling First property group.

Stirling speeds up small business approvals

The City of Stirling has streamlined the approvals processes and cut red tape for small businesses in the area, as part of the Small Business Friendly Approvals Project.