Sydney man faces contempt of court hearing
The Australian Securities and Investments Commission (ASIC) has launched a contempt of court claim against Stephen Lewis Matthews of West Pymble, Sydney.
ASIC alleged that Mathews posted letters to more than 1,600 self-managed superannuation funds advising that they lend or invest money in shares in a new company established by Matthews in order to acquire shares in a company presently trading on the Australian Securities Exchange.
Matthews was banned by the New South Wales Supreme Court in October 2000 from advising people about, or dealing in, shares, as well as publishing share reports, except as otherwise permitted by the Corporations Law.
The matter has been adjourned until December 1 for further directions.
Recommended for you
ASIC has cancelled a Sydney AFSL for failing to pay a $64k AFCA determination relating to inappropriate advice which then had to be paid by the CSLR.
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
