The Federal Court of Australia has handed down its decision in the civil matter of Australian Securities and Investments Commission v A&M Group Pty Ltd.
A&M Group, trading as Debt Negotiators, were found to have engaged in misleading or deceptive conduct relating to financial services. The company has been ordered to pay a penalty of $650,000.
ASIC’s action was taken in response to a referral from the Australian Financial Security Authority (AFSA), after AFSA identified the unlawful conduct while investigating an anonymous tip-off.
AFSA has noted the outcome of the legal proceedings and will be considering the decision to determine whether further regulatory action is required.
AFSA will not be commenting further at this time.
More information about the judgement is available on the ASIC website.
If you have information about suspected wrongdoing, criminal misconduct, dishonesty or fraud in relation to a personal insolvency, you can report it confidentially via the AFSA website.
