News and Analysis

The following are articles relevant to the Professional Investigator.   Click on the title to make a comment or join the conversation.

 


 

New ASIC cryptocurrency guidance: What you need to know – 30 May 2019

New ASIC clarifications on crypto-assets mean that even “safe” cryptocurrencies may be classified as financial products. Wallet providers, exchanges, intermediaries and many other crypto-related businesses may require an Australian Financial Services Licence to handle financial products. The laws apply to any business with Australian customers, even if the business is based overseas.

https://www.finder.com.au/new-asic-cryptocurrency-guidance-what-you-need-to-know

CASA running drone detection trial at major airports and Sydney Harbour – 28 May 2019

The Civil Aviation Safety Authority (CASA) is using drone detection equipment at major airports and events around the country to monitor drone use and enforce safety rules. Drones must not to be operated within 5.5 kilometres of a controlled aerodrome, over Sydney Harbour, or over people or populated areas such as sporting events, concerts and public gatherings.

https://www.cio.com.au/article/662173/casa-running-drone-detection-trial-major-airports-sydney-harbour/

First came the TV appearance. Then the alleged $2 million scam – 26 May 2019

John Killick, Dean Ryan and Joseph La Hood were part of fraud syndicate stealing over $2 million via sophisticated identity theft scams. They managed to create 388 fraudulent customer profiles, opened 846 bank accounts, secured 185 credit cards and procured 15 personal loans, that stole over $2 million over a period of several years.

https://www.smh.com.au/national/nsw/first-came-the-tv-appearance-then-the-alleged-2-million-scam-20190520-p51p9h.html

Obtrusive, expansive, ineffectual: The QLD police’s facial recognition “bungle” – 24 May 2019

An evaluation report, found that the use of facial recognition software during the 2018 Commonwealth Games was completely ineffective as no ‘high priority targets’ could be identified. The revelation has renewed criticism of the dangers of mass surveillance, including its inaccuracy, ineffectiveness and its potential to lead to wrongful arrest.

https://www.thebigsmoke.com.au/2019/05/24/obtrusive-expansive-ineffectual-the-qld-polices-facial-recognition-bungle-police/

Blue Sky Alternative Investments enters receivership amid debts and class actions – 22 May 2019

ASIC is investigating Blue Sky Alternative Investments for potential breaches of continuous disclosure obligations. Its market value has plummeted from $1.2b to $14m

Three major law firms are trying to launch class actions against Blue Sky for grossly exaggerating its assets under management, misrepresenting the performance of its investments and collecting management fees far in excess of its entitlements.

https://www.abc.net.au/news/2019-05-20/blue-sky-debt-in-receivership-administration-class-action-debts/11130456

Australia’s landmark banking inquiry: Tighter regulations, crackdown on ‘overinflated’ bankers’ salaries to come – 21 May 2019

On the 27th May, a final report from the landmark Royal Commission inquiry into abuse in the financial services industry will be released. It is expected to crackdown on  massive pay packets of bankers, and even lay criminal charges against senior executives.

On the 27th May, a final report from the landmark Royal Commission inquiry into abuse in the financial services industry will be released. It is expected to crackdown on massive pay packets of bankers, and even lay criminal charges against senior executives https://stockvisionary.com/australias-landmark-banking-inquiry-tighter-regulations-crackdown-on-overinflated-bankers-salaries-to-come/37960/

ASIC bans ex-Kaz Capital adviser from providing financial services for six years – 16 May 2019

The Australian regulator has placed a 6 year ban on David Stephen Cornford from providing financial services. It is claimed that Mr Cornford bought and sold listed securities on clients’ accounts without the authorisation to do so; and traded Contracts for Difference (CFDs) in a personal capacity, in a manner that conflicted with the interests of his clients.

https://financefeeds.com/asic-bans-ex-kaz-capital-adviser-from-providing-financial-services-for-six-years/