One of the big four has been ordered by the regulator to carry out a review of its insurance and super arm... Director found guilty of fraud worth more than $280,000...
A major bank's errors affect $50m in client money, ASIC orders independent review
ANZ Bank is conducting an independent review after a string of errors affected 1.3 million customers and more than $50 million in client money, according to the Australian Financial Review.
The review will look at the bank's insurance and superannuation arm OnePath, some customers of which had their superannuation paid into the wrong account for up to a year.
ANZ has had to pay $4.5 million in compensation and refunds to its customers over the breaches.
"ANZ has now returned these funds to the correct accounts and provided over $400,000 compensation for lost earnings and/or incorrect fees," the Australian Securities and Investments Commission said in a statement.
Director found guilty of fraud worth more than $280,000
A company director who promised investors of returns up to 30% per annum from property development projects in Queensland has been found guilty of fraud.
Steven William Hill was found guilty six charges of fraudulent misappropriation totalling more than $280,000 by a Sydney District Court jury after a four-week trial.
Hill was ordered to stand trial on the charges after an investigation by the Australian Securities & Investment Commission (ASIC) into Hill Stephens & Associates Pty Ltd and International Finance Consortium (Aust) Pty Ltd.
The ASIC investigation revealed that between January 2006 and February 2007, Hill met with various investors based in NSW and described himself as a “financier/consultant.”
Hill reviewed the financial circumstances of investors, recommended they set up a self-managed superannuation fund (SMSF) for investment, referred investors to a solicitor to establish a SMSF, elicited establishment fees and instructed investors to deposit their funds to his company bank accounts.
Hill claimed the $618,000 he raised from investors would be used as 'seed capital' in a number of Queensland based property developments he was facilitating.
ANZ Bank is conducting an independent review after a string of errors affected 1.3 million customers and more than $50 million in client money, according to the Australian Financial Review.
The review will look at the bank's insurance and superannuation arm OnePath, some customers of which had their superannuation paid into the wrong account for up to a year.
ANZ has had to pay $4.5 million in compensation and refunds to its customers over the breaches.
"ANZ has now returned these funds to the correct accounts and provided over $400,000 compensation for lost earnings and/or incorrect fees," the Australian Securities and Investments Commission said in a statement.
Director found guilty of fraud worth more than $280,000
A company director who promised investors of returns up to 30% per annum from property development projects in Queensland has been found guilty of fraud.
Steven William Hill was found guilty six charges of fraudulent misappropriation totalling more than $280,000 by a Sydney District Court jury after a four-week trial.
Hill was ordered to stand trial on the charges after an investigation by the Australian Securities & Investment Commission (ASIC) into Hill Stephens & Associates Pty Ltd and International Finance Consortium (Aust) Pty Ltd.
The ASIC investigation revealed that between January 2006 and February 2007, Hill met with various investors based in NSW and described himself as a “financier/consultant.”
Hill reviewed the financial circumstances of investors, recommended they set up a self-managed superannuation fund (SMSF) for investment, referred investors to a solicitor to establish a SMSF, elicited establishment fees and instructed investors to deposit their funds to his company bank accounts.
Hill claimed the $618,000 he raised from investors would be used as 'seed capital' in a number of Queensland based property developments he was facilitating.
