The Australian Securities and Investments Commission (ASIC), has released its enforcement report for outcomes achieved during the second half of 2014.
The grand total was 348 enforcement outcomes, including criminal as well as civil and administrative (meaning – banning or disqualification) actions, and negotiated outcomes.
ASIC said the results showed its ongoing focus on tackling serious corporate fraud and loan fraud plus ASIC’s use of civil penalty proceedings to enforce the law.
ASIC Commissioner Greg Tanzer said that current and future areas of focus for ASIC include financial market benchmark rates and retail margin foreign exchange trading.
For the last six months some of the more notable outcomes included a two year jail stretch for former Genetic Technologies Ltd chief executive Dr Mervyn Jacobson, relating to his involvement in the manipulation of GTG shares over a six-month period. ASIC said this is the largest penalty ever imposed for a market manipulation in Australia. Another highlight was Mark Letten’s imprisonment for nearly six years in relation to the operation of 21 unregistered managed investment schemes.