Between 11 November 2016 and 13 October 2017, Mr Saad obtained $1,531,925 from Nulis on behalf of 168 clients. Between 11 August 2017 and 11 October 2017, Mr Saad attempted to obtain a further $92,400 on behalf of 10 clients.

ASIC said that its “increased resourcing” had allowed it to drive a 36 per cent increase in the number of criminal proceedings and a 64 per cent increase in civil penalty proceedings commenced since 2018.

ASIC found that Mr Nizi Bhandari acted dishonestly while assisting consumers to find and consolidate their superannuation and obtain hardship payments. This included instances where Mr Bhandari told consumers to make false statements to their superannuation fund trustees in order to gain early access to their superannuation balances.

Former financial adviser, Mr Ezzat-Daniel Nesseim, of Gordon NSW, has been charged with sixteen offences, including dishonest conduct, fabricating evidence and providing false information to ASIC.

ASIC has permanently banned a former financial adviser, Daniel McSweeny, after he was previously banned for five years. Daniel McSweeny was charged with 20 dishonesty offences in 2018, as well as one offence for falsifying books as a company director.

There are still hundreds of thousands of people yet to receive compensation for the fees for no service misconduct by Australia’s biggest banks. If you are one of these people, get in touch with us. We are here to assist you in the complicated process of receiving your compensation.

The review found that Timothy Shapter provided inappropriate switching advice by recommending that clients switch out of their existing superannuation and insurance products, and into higher fee-paying products.

A federal court judge has blasted troubled financial services group AMP for allowing its commission-hungry financial advisers to systematically rip off clients, ridiculing the company’s defence that there was just one “bad apple” and fining it $5.175m.

Sydney-based financial adviser Jim Pavlidis failed to provide financial advice that was in the best interests of his clients and to keep proper records. Mr Pavlidis failed to consider the relevant circumstances of each client and left client objectives unaddressed.

Squirrel is a financial technology company that holds an Australian financial services licence (AFSL). ASIC alleges that from around January 2015, Squirrel marketed and sold services helping customers establish and operate self-managed superannuation funds (SMSF) to purchase established residential property.

ASIC has banned mortgage broker Astna Shirtika Sahay, of Mascot NSW, from engaging in any credit activities for five years.