Enforcement Actions

Mark Richard McKenzie from Melbourne and Colin Hebbard from Perth, both formerly employed by Citigroup, have been banned from providing financial services for three and five years respectively.

The Australian Securities and Investments Commission has charged former Melbourne broker Newton Chan with eight counts of market manipulation.

The USA's Securities and Investment Commission has issued fraud proceedings against Neil V Moody and his son Christopher D Moody alleging that they lied when they said they managed funds and that, in fact, the funds were managed by Arthur G Nadel, who was charged with fraud last year. The trouble was - Nadel was producing fictitious figures, the SEC says.

The Opes Prime sago continues as directors of Opes Prime Stockbroking Ltd (OPSL), Mr Lirim (Laurie) Emini, Mr Julian Smith and Mr Anthony Blumberg are charged with directors' duties offences following an investigation by the Australian Securities and Investments Commission (ASIC).

The UK's Financial Services Authority has brought criminal proceedings against four former directors of iSOFT Group, Plc, and discontinues its investigation against the company.

Despite having ruled that "land banking" is a collective investment scheme, the Financial Services Authority has failed to act against businesses operating such schemes without authorisation. But the Insolvency Service is not so lax.

Washington, D.C., 17 Dec., 2009 — The Securities and Exchange Commission today charged Ernst & Young LLP and six of its current and former partners, including three who are members of the firm's national office, for their roles relating to an accounting fraud at Bally Total Fitness Holding Corporation. The SEC finds that E&Y knew or should have known about Bally's fraudulent financial accounting and disclosures.

It was the UK's Insolvency Service, not the Financial Services Authority, that has acted to close down Minerva Corporate Development Limited for unauthorised share sales.

The Australian Securities and Investments Commission has issued a permanent financial services ban on Leslie Brown of Lugarno, New South Wales.

AUSTRAC has accepted an enforceable undertaking from PayPal Australia Pty Ltd.