The corporate regulator laid 279 criminal charges from July to December in 2019, with 17 individuals charged in criminal proceedings, compared to nine individuals the year before.
During the period, ASIC’s actions had resulted in 10 custodial sentences, eight people imprisoned and four non-custodial sentences.
The regulator had hit 154 individuals with charges in summary prosecutions for strict liability offences.
As at 1 January, ASIC had 14 criminal and 58 civil financial services-related matters before the courts.
Civil penalties had stayed mostly consistent from the year before at $12.9 million in fines being imposed by the courts. The regulator currently had 22 civil penalty cases before the courts, having commenced nine.
Meanwhile bans were down – 48 individuals had been removed or restricted from providing financial services or credit in contrast to 72 in the prior corresponding period.
Investigations had also declined, with 60 commencing during the half and 40 being completed, compared to 75 commencing and 57 finishing in July to December 2018.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
