Episodes
Monday Sep 09, 2019
Episode 57: Are car insurance investigations treating consumers fairly?
Monday Sep 09, 2019
Monday Sep 09, 2019
In this episode, we discuss ASIC's review of how car insurance claims are investigated where fraud is suspected. We are joined by the Senior Executive Leader of ASIC's Insurers team, Emma Curtis, and the Director of Casework at the Financial Rights Legal Centre, Alexandra Kelly.
For more information about the review, download ASIC Report 621 – Roadblocks and roundabouts: A review of car insurance claim investigations and read ASIC media release 19-172MR – ASIC’s review finds car insurance investigations treat consumers unfairly.
Tuesday Mar 26, 2019
Tuesday Mar 26, 2019
Mr Nakhl engaged in dishonest conduct and was found guilty in the District Court of New South Wales. The court set Mr Nakhl a non-parole period of 6 years.
View the ASIC media release (19-055MR) for more information
Mr Nakhl was convicted on eight charges (18-178MR), brought by ASIC, of engaging in dishonest conduct with investor funds. The conduct affected 12 investors while Mr Nakhl was a representative of Australian Financial Services Limited (in liquidation) and as sole director of SydFA Pty Ltd (deregistered).
The court found Mr Nakhl advised clients to set up self-managed superannuation funds and to invest their superannuation and other funds in products such as shares, managed funds and high interest rate bank accounts. Rather than investing the 12 investors’ funds in these products, Mr Nakhl used these funds 'as he pleased' and for his own purposes.
Mr Nakhl then lied to the investors, telling them that he had invested their funds in accordance with his advice and that their investments were performing well. Mr Nakhl also tried to cover up his wrongdoing by having these 12 investors sign documents that supposedly authorised Mr Nakhl to use the funds in the way he did.
These 12 investors allowed Mr Nakhl to invest approximately $6.7 million on their behalf. Mr Nakhl lost approximately $5.1 million of these invested funds.
Thursday Nov 19, 2015
ASIC View Episode 1: Financial Services Enforcement
Thursday Nov 19, 2015
Thursday Nov 19, 2015
Tim Mullaly (Senior Executive Leader, Financial Services Enforcement at the Australian Securities and Investments Commission) talks about the work he and his team does, the methods they employ to achieve their goals and some of the emerging issues in the financial services sector.