The ASIC Podcast
Episode 61: Risky business: land banking property investment schemes

Episode 61: Risky business: land banking property investment schemes

January 15, 2020

Investing in land and property is certainly not a revolutionary idea. Australians have been investing in bricks, mortar and land for decades, but unfortunately not all property investment schemes are the same. 'Land banking' can produce returns for investors but comes with significant red flags. It is often unregulated, leaving investors without protection if things go wrong. In this episode, we explore some of the land banking schemes shut down by ASIC.

Episode 57: Are car insurance investigations treating consumers fairly?

Episode 57: Are car insurance investigations treating consumers fairly?

September 9, 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 621Roadblocks and roundabouts: A review of car insurance claim investigations and read ASIC media release 19-172MRASIC’s review finds car insurance investigations treat consumers unfairly.

Episode 44: Former financial adviser Gabriel Nakhl sentenced to 10 years imprisonment

Episode 44: Former financial adviser Gabriel Nakhl sentenced to 10 years imprisonment

March 25, 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.

ASIC View Episode 3: Chairman Greg Medcraft on Culture

ASIC View Episode 3: Chairman Greg Medcraft on Culture

December 17, 2015

ASIC Chairman Greg Medcraft joins the podcast to talk about culture and its importance to the financial industry.

ASIC View Episode 1: Financial Services Enforcement

ASIC View Episode 1: Financial Services Enforcement

November 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.

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