<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Asic

<html><body>
Property developer Craig Gore has been sentenced to five years imprisonment with a non-parole period of two years.
Gore had been found guilty following a five-day, judge-alone trial at the Brisbane District Court.
Gore was found guilty of six counts of fraud involving amounts totalling $345,000.
Gore was initially arrested on 14 April 2017 after being charged with fraud relating to obtaining funds from self-managed superannuation fund (SMSF) investors during 2013 and 2014.
ASIC’s case focussed on Mr Gore obtaining funds from SMSF investors through his role at Arion Financial Pty Ltd.
Investors were presented with information that they could invest in debentures, with various promises that included a guaranteed return, high returns, and that the funds could be returned after a short-term period of investment. 
Upon sentencing, Judge Byrne remarked that SMSF investors legitimately save and invest for their retirement and that it is an aggravating factor that these funds were being targeted.
Judge Byrne further noted deterrent sentences are necessary to reassure SMSF investors that those convicted of dishonestly dealing with their funds will be punished accordingly.
ASIC Commissioner Sean Hughes said ‘ASIC will continue to pursue criminal cases of fraud to take action against dishonest conduct especially where savings for retirement are at risk.’
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral of a prosecution brief by ASIC.
Prior to sentencing, Gore lodged an appeal for the earlier guilty verdict. No dates have been set for the appeal.
On 14 April 2017, Gore was arrested for allegedly defrauding between 2013 and 2014, five self-managed superannuation fund (SMSF) investors of approximately $800,000.
Gore also faces three charges of acting in the management of three corporations (MOGS Pty Ltd, Sleipner Financial Pty Ltd and Arion) while disqualified from doing so. 
Those matters did not form part of the fraud trial and will return to the Magistrates Court for mention on 27 November 2020. 
The charges of acting in the management of corporations whilst disqualified each carry a maximum penalty of one-year imprisonment or 50 penalty units.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Craig Gore sentenced to two years jail

<html><body>
ASIC has obtained interim orders in the Federal Court of Australia against companies in the Mayfair 101 group and their director, James Peter Mawhinney, including the appointment of provisional liquidators to M101 Nominees Pty Ltd, the issuer of the M Core Fixed Income Notes promoted by Mayfair 101.
On 13 August 2020, the Court appointed Said Jahani and Philip Campbell-Wilson of Grant Thornton as provisional liquidators of M101 Nominees, pending an application by ASIC to wind up M101 Nominees on just and equitable grounds. ASIC alleges that M101 Nominees has been involved in breaches of the corporations legislation, and there is a justifiable lack of confidence in the conduct and management of its affairs that gives rise to a risk to the public that warrants protection.
In particular, ASIC alleges that M101 Nominees raised approximately $67 million from investors through debentures called the M Core Fixed Income Notes, based on representations that there would be security for the full amount invested. ASIC further alleges that those funds were not fully secured, and consequently, M Core Fixed Income Note investors may be unable to recover the full amount of their principal investment.
The provisional liquidators will provide a report to the Court by 24 September 2020 about the provisional liquidation of M101 Nominees, including identifying its assets and their value, and providing an opinion as to solvency and the likely return to creditors if the company is wound up.
On 13 August 2020, the Court made additional interim orders restraining Mr Mawhinney, and any company of which he is an officer or shareholder, from:
Receiving or soliciting funds in connection with any financial product; Advertising or promoting any financial product; and Removing from Australia any assets acquired with funds received in connection with any financial product.
These orders apply to all products currently offered by Mayfair 101, including the M Core Fixed Income Notes, the M+ Fixed Income Notes and Australian Property Bonds, as well as any other financial product.
The Court also restrained Mr Mawhinney from leaving Australia until further order.
The Court made interim orders restraining Sunseeker Holdings Pty Ltd, of which Mr Mawhinney is a director, from dealing with the units in 14 trusts which hold property at Mission Beach and Dunk Island in Queensland. The units in those trusts are part of the security held on behalf of investors in the M Core Fixed Income Notes.
ASIC’s investigation is ongoing.
</body></html>

ASIC Investigation ongoing against Mayfair 101 director James Mawhinney

<html><body>
Graeme Miller, a former financial adviser and director of Australian financial services licensee CFS Private Wealth Pty Ltd, was sentenced last month to six years’ imprisonment for misappropriating $1.865 million of client funds, following an ASIC investigation.
On 14 April 2020, Mr Miller pleaded guilty to six counts of engaging in dishonest conduct in the course of carrying on a financial services business, contrary to section 1041G of the Corporations Act 2001. The charges relate to ten clients from whom Mr Miller encouraged or facilitated the transfer of between $50,000 and $950,000 by way of an investment for the benefit of the client. Mr Miller then misappropriated those funds for his own purposes. Four counts relate to funds invested with Mr Miller through self-managed superannuation funds held by the clients.
Acting Judge Woods of the Downing Centre District Court sentenced Mr Miller to six years’ imprisonment, to be eligible for parole after serving four years.
In sentencing Mr Miller, Judge Woods described Mr Miller’s conduct as a “Ponzi scheme” involving a “significant breach of trust” and a “cruel and deceitful betrayal inevitably leading to financial disaster”.
Judge Woods also made reparation orders of approximately $1.777 million in favour of the ten clients who were the subject of the charges against Mr Miller.
Following the sentencing, ASIC Deputy Chair Daniel Crennan QC said Mr Miller has been found to have systematically breached the trust of his clients over a long period, resulting in significant losses.
‘As a financial adviser Mr Miller ought to have protected the interests of his clients. His sentencing should send a strong message that such conduct will lead to individuals involved being brought before the court to face criminal charges.’
The Commonwealth Director of Public Prosecutions prosecuted the matter after a referral from ASIC.
<h2>Background</h2>
Between July 2013 and April 2017, Mr Miller, of Myocum, New South Wales, advised his financial planning clients to invest funds with CFS Corporation Pty Ltd (CFS), of which he was also a director, on the basis that CFS would invest the money. Mr Miller did not invest the funds given to CFS by those clients, instead he used the funds for his own benefit and to meet business expenses, including payments made to other clients as dividend payments.
Of the $1.865 million of client funds that were misappropriated by Mr Miller:
<ul>
<li>$987,000 was transferred to bank accounts and credit cards held by Mr Miller and his family members;</li>
<li>$318,500 was used to pay dividends, interest or return of capital to other clients in relation to their investments with Mr Miller;</li>
<li>$135,000 was used to pay other personal and business expenses; and</li>
<li>$27,000 was withdrawn in cash or transferred overseas.</li>
</ul>
In January 2019, the Federal Court banned Mr Miller from providing financial services for 25 years, and disqualified him from managing corporations for three years (19-009MR).
</body></html>

Former financial adviser Graeme Miller sentenced to six years’ imprisonment for dishonest conduct

<html><body>
ASIC has successfully applied to the Federal Court of Australia for urgent interim orders against NSW-based PW Kitt Co Pty Ltd and its sole director Larry Dawson.
On 7 August 2020, ASIC obtained urgent interim orders:
<ul>
<li>to appoint receivers and managers to the property and assets of the defendants;</li>
<li>for the receivers to provide a report to the Court and ASIC within 42 days regarding the affairs of the defendants;</li>
<li>to stop the defendants from removing, dealing with or diminishing the value of property or assets, including funds in bank accounts held by the defendants; and</li>
<li>to restrain Mr Dawson from leaving Australia.</li>
</ul>
ASIC’s application was based on concerns that the defendants obtained almost $7 million in Australian investor funds by cold-calling Australian consumers and operating the websites smsfadvisory.com and pwkittco.com.
ASIC submitted to the Court that the defendants were using the same or substantially similar company and business names to an unrelated business SMSF Advisory Services Pty Ltd and P.W. Kitt &amp; Co.  
It is also alleged that the defendants used the Australian financial services (AFS) licence number of another company.  
ASIC remains concerned that the defendants appear to have no connection with those businesses and hold no licence or authority to deal in financial products or provide financial services.
Michael John Hill, Anthony Norman Connelly and Katherine Sozou of McGrathNicol have been appointed as receivers and managers to the property and assets of the defendants.
The receivers are required to report back to the Court concerning the affairs of the defendants by 18 September 2020.
Any person who is concerned that they have invested with the defendants or SMSF Advisory Services Pty Ltd should contact Patrick Cashman of McGrathNichol on (07) 3333 9800.
ASIC commenced this investigation as part of its response to the increase in financial scam activity arising during the COVID-19 pandemic. This action demonstrates ASIC’s readiness to take urgent action to protect vulnerable consumers in the current environment.
The matter will return before the Court on 27 August 2020. ASIC’s investigation is ongoing.
The case management hearing listed for 27 August 2020 has been adjourned to 10 September 2020.
</body></html>

ASIC obtains interim injunctions against Larry Dawson and PW Kitt Co Pty Ltd

<html><body>
ASIC has cancelled, or imposed conditions on, the registration of a number of auditors of self-managed superannuation funds (SMSFs) who had not maintained an appropriate level of audit experience.
Following a recent review, 36 SMSF auditor registrations have been cancelled and conditions have been imposed on a further six SMSF auditors.
All of the 42 SMSF auditors against whom ASIC acted had not issued any SMSF audit reports over the past five years and thus were not considered to have the necessary practical experience required to perform SMSF audits.
In relation to the six auditors who had conditions imposed on them, ASIC was satisfied that it would be an appropriate alternative to cancellation considering the auditor’s individual circumstances and other relevant (non-SMSF audit) experience. The various conditions imposed across these auditors were:
<ul>
<li>
Independent reviews – Having a number of audits reviewed by an independent SMSF auditor for compliance with auditing standards;</li>
<li>
Education – Completing specific courses of study, including in audit and fund compliance requirements under the Superannuation Industry (Supervision) Act 1993 (SIS Act) compliance; and</li>
<li>
ASIC exam – Sitting and passing ASIC’s SMSF auditor competency exam prior to issuing any SMSF audit reports.</li>
</ul>
From 1 July 2013, the SIS Act required all auditors of SMSFs to be registered with ASIC. This was to ensure that all SMSF auditors meet at least base standards of competency and expertise.
ASIC and the Australian Taxation Office (ATO) work closely together as co-regulators of SMSF auditors. The ATO monitors SMSF auditor conduct and may refer matters to ASIC for possible action in ASIC’s capacity as the review body that determines whether to disqualify an auditor or cancel or suspend their registration. ASIC may also impose conditions on an SMSF auditor.
Section 123E of the SIS Act allows the cancellation of the registration of an SMSF auditor who no longer has the practical experience required to perform SMSF audits.
Approved SMSF auditors seeking to cancel their registration voluntarily can do so through the ASIC Regulatory Portal.
Further information can be found on ASIC's website and in ASIC Regulatory Guide RG 243 Registration of self-managed superannuation fund auditors (RG 243).
SMSF trustees and members can check whether their auditor is registered, or whether a person has been disqualified, by searching ASIC's SMSF Auditor register.
</body></html>

ASIC cancels registration of self-managed superannuation funds auditors

<html><body>
ASIC has today commenced civil penalty proceedings in the Federal Court against Asgard Capital Management Limited for charging adviser fees to 404 customers for financial advice that was not provided and also against Asgard and BT Funds Management Limited (BT) for making misleading representations in half-yearly or annual account statements regarding the charging of the adviser fees.
ASIC alleges that from September 2014 to August 2017:
<ul>
<li>Asgard charged customers around $130,006 for financial advice after requests were made for customers’ financial advisers to be removed from their product accounts and after the advisers ceased providing advice;</li>
<li>In relation to superannuation products for which it is trustee, BT issued account statements which appeared to show that  adviser fees were no longer being charged  while the ‘adviser fee’ line item was removed from the account statement, an amount equal to that fee was added to the administration fee amount;</li>
<li>In relation to an investor directed portfolio service (IDPS) for which it is the issuer, Asgard issued account statements which appeared to show that adviser fees were no longer being charged  while the ‘adviser fee’ line item was removed from the account statement, an amount equal to that fee was added to the administration fee amount;</li>
<li>The wrongly charged fees were retained by Asgard as revenue; and</li>
<li>Asgard contravened its overarching obligations as an Australian financial services (AFS) license holder to act efficiently, honestly and fairly.</li>
</ul>
ASIC Deputy Chair Daniel Crennan QC said, ‘Today, ASIC has commenced a ‘fees for no service’ case against BT and Asgard as well as commencing a ‘fees for no service’ case against StatePlus Super. Both cases, which relate to superannuation, were subject to cases studies in the Royal Commission, were investigated by ASIC’s Office of Enforcement and have been brought by ASIC to the Federal Court for determination.’
ASIC is seeking declarations and pecuniary penalties from the Federal Court to prevent similar contraventions occurring in the future.
<h2>Download</h2>
Concise statement
Originating process 
<h2>Background</h2>
BT and Asgard are part of the Westpac Group. 
BT is the trustee and RSE licensee for:
<ul>
<li>Asgard Infinity eWRAP Pension Account;</li>
<li>Asgard Infinity eWRAP Super Account;</li>
<li>Asgard Open eWRAP Pension Account;</li>
<li>Asgard Open eWRAP Super Account;</li>
<li>Asgard Rollover Service;</li>
<li>Asgard Superannuation Account; and</li>
<li>Asgard Employee Superannuation Account (Super Funds). </li>
</ul>
Asgard is the custodian and administrator for the Super Funds, as well as the issuer and administrator for the Asgard Infinity eWRAP Investment Account (IDPS product). 
BT and Asgard’s conduct were the subject of a case study by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry – see Volume 2 (part 13) of the Final Report.
The Royal Commission found that between 2001 and August 2017, BT and Asgard charged around 767 members fees for financial product advice that was not provided. Between December 2017 and March 2018, Westpac remediated $634,490 to the members.
ASIC’s action is in respect of the conduct that occurred within the last six years, being within the limitation of the action period.
This is the fourth enforcement action commenced by ASIC concerning Fees for no service activity. In September 2018, ASIC commenced proceedings in the Federal Court of Australia against two entities in NAB’s wealth management division, NULIS Nominees (Australia) Limited (NULIS) and MLC Nominees Pty Ltd (MLC Nominees). The court proceedings relate to fees charged by both entities to a significant number of their superannuation members for services not provided. The hearing has concluded and judgment in these proceedings on liability and penalty has been reserved (18-259MR).
In December 2019, ASIC commenced civil penalty proceedings in the Federal Court against National Australia Bank Limited (NAB) for alleged contraventions of the ASIC Act and the Corporations Act for FFNS activity. These proceedings are being case managed by the court to trial, a date is yet to be scheduled (19-360MR).
In August 2020, ASIC commenced civil penalty proceedings in the Federal Court against State Super Financial Services Australia Limited (StatePlus) for charging at least 36,592 clients members fees for financial advice that was not provided (20-189MR).
</body></html>

ASIC commences civil penalty proceedings against Asgard Capital Management 

<html><body>
Former Sydney financial adviser, Sam Henderson, has pleaded guilty to one ‘rolled up’ charge of dishonest conduct, and two counts of making a disclosure document available to a person knowing it to be defective.
ASIC alleged that Mr Henderson, between 1 July 2010 and November 2017, whilst the chief executive officer, director and senior financial adviser of Henderson Maxwell, engaged in dishonest conduct when he made false representations that he had a Master of Commerce when he did not hold that qualification:
<ol type="1" start="1">
<li>in 115 PowerPoint presentations he gave to prospective clients from 2010 to 2016;</li>
<li>on the Henderson Maxwell website from October 2012 to August 2016; and</li>
<li>in Henderson Maxwell brochures distributed between 2013 and 2017 and in an Information Memorandum dated May 2011 (20-130MR).</li>
</ol>
Henderson Maxwell and Mr Henderson were the subjects of a bad advice case study in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry - see Volume 2 (p 242) of the Final Report.
In July 2019, ASIC banned Mr Henderson from providing financial services for a period of three years (19-190MR). It was found that Mr Henderson failed to act in the best interests of his clients, provide appropriate advice and prioritise his clients’ interests when providing personal financial advice.
A dishonest conduct offence under s1041G of the Corporations Act 2001 (Cth) carries a maximum penalty in the local court of two years’ imprisonment or a fine not exceeding 120 penalty units, or both.
ASIC also alleged Mr Henderson breached s952D(2)(a)(ii) in 2014 and 2016 by giving two clients a Financial Services Guide, containing the false representation that he held a Master of Commerce (Financial Planning).
Each defective disclosure offence under s952D(2)(a)(ii) Corporations Act carries a maximum penalty in the local court of 12 months’ imprisonment or a fine not exceeding 60 penalty units, or both.
In addition to the above, ASIC alleged that Mr Henderson made the false representation that he held a Master of Commerce in:
<ol>
<li>a book titled ‘One-Page Financial Plan: Everything you need to successfully manage your money and invest for wealth creation’ authored by Mr Henderson and published in 2013;</li>
<li>an interview conducted by a freelance writer, and a subsequent marketing profile prepared on Mr Henderson to promote the Sydney Graduate School of Management (SGSM) Master of Commerce (Financial Planning) course; and</li>
<li>some of Mr Henderson’s professional biographies and descriptions.</li>
</ol>
Mr Henderson will be sentenced in the Downing Centre Local Court on 13 October 2020.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions, following a referral of a brief of evidence from ASIC.
Moneysmart.gov.au has useful information for consumers about choosing a financial adviser, including how to complain about a financial adviser and what to do if their adviser is banned.
</body></html>

Financial adviser Sam Henderson pleads guilty to dishonest conduct over his academic qualifications 

<html><body>
ASIC has a advised it was aware that valuations of illiquid assets have been challenging as a result of increased economic and financial uncertainties due to the COVID-19 pandemic.
In this context, it is more important than ever that valuations of managed fund assets are regular, robust and reasonable, ASIC advised.
ASIC is reminding responsible entities of their obligation to ensure that valuations of their managed fund assets are regular and reasonably current having regard to the nature of the assets. One of ASIC’s focus areas this year is reviewing valuation practices amongst investment managers (see ASIC Interim Corporate Plan 2020-21, p14).
Accurate valuation of fund assets, including illiquid assets, is needed for a responsible entity to determine:
<ul>
<li>the value of the units of a scheme for performance measurement</li>
<li>the unit price to allow for investors to enter into and exit from a scheme</li>
<li>the price for the selling and buying of specific assets, including stakes in a company</li>
<li>the value of assets in financial reports required by the Corporations Act 2001.</li>
</ul>
Ensuring fund assets are valued regularly and valuation processes are robust are part of responsible entities’ statutory duties to:
<ul>
<li>exercise a reasonable degree of care of care and diligence</li>
<li>ensure scheme property is valued at regular intervals appropriate to the nature of the property</li>
<li>act in the best interest of members of the fund</li>
<li>carry on their financial services business efficiently, honestly and fairly.</li>
</ul>
During COVID-19, responsible entities may face issues such as a lack of comparable transactional data, and uncertainties around cash flow forecasts, the shape and timing of any economic rebound, the selection of an appropriate discount rate in an environment of very low government bond yields, and the risk premiums that should be attached to the risk free rate.
As a result, responsible entities may need to carry out valuations more often to ensure reliable asset values and member unit prices. Where valuations are uncertain for a material proportion of a fund’s assets, the responsible entity needs to consider whether it is in a position to establish a reliable unit price. If not, the responsible entity may need to temporarily suspend entry and exit from the fund.
While the COVID-19 pandemic continues to disrupt financial markets, ASIC encourages responsible entities to ensure:
<ul>
<li>valuations are reasonably current and regular</li>
<li>valuations are performed using appropriate methods and assumptions for that asset class</li>
<li>assets are promptly written down should the cash flows of an asset be negatively impacted directly or indirectly by COVID-19 restrictions</li>
<li>estimates are developed on a sound and reasonable basis, and that they consider whether past performance and historical inputs are still reflective of future outcomes</li>
<li>valuation polices are regularly reviewed by the responsible entities’ management and board</li>
<li>valuations are carried out by unbiased valuers and valuers are periodically rotated by the responsible entity.</li>
</ul>
Responsible entities should also ensure that they provide their members and investors with timely, full and fair disclosure of asset values. They should inform their members about the processes they are implementing to support the valuations given the current circumstances and uncertainties.
Accurate and timely valuation of assets is central to the fair and efficient operation of managed funds. ASIC is actively monitoring the valuation practices of responsible entities during this period of market disruption. ASIC may take regulatory action against responsible entities that do not comply with their obligations to provide fair and reasonable valuations of fund assets.
</body></html>

Managed fund asset valuations must be reliable during COVID-19

<html><body>
ASIC recently published Regulatory Guide 271 Internal Dispute Resolution (RG 271). The guide updates requirements for financial firms in dealing with consumer and small business complaints under their Internal Dispute Resolution (IDR) procedures.
Among other things, RG 271 clarifies ASIC’s expectations of financial firms in their dealings with paid representatives – including debt-management firms.
<h2>Debt-management firms and their role in dispute resolution</h2>
Debt-management firms promise to assist consumers in financial hardship. They offer a range of services such as debt negotiation and ‘cleaning’ or ‘fixing’ credit reports.
As part of their service offering to indebted consumers, these entities often lodge complaints with financial firms directly at the IDR stage and/or to an external dispute resolution (EDR) scheme such as the Australian Financial Complaints Authority (AFCA).
Debt-management firms operate on a for-profit basis and charges consumers fees for their services, either upfront or on a ‘success’ basis. Fees can be very high, and the services can sometimes leave consumers already in financial difficulty worse off.
Importantly, it is free for consumers to complain directly to their financial firm or to AFCA.
Financial firms, AFCA and consumer groups continue to raise concerns with ASIC about the conduct of debt-management firms and the potential harms these entities may cause consumers, including that they may provide unsuitable services and engage in predatory conduct.
<h2>When is it appropriate to not engage?</h2>
Responding to concerns from financial firms, ASIC has included guidance in RG 271 to clarify when we would consider it to be appropriate for a financial firm not to engage with a paid representative. This includes circumstances where a financial firm reasonably believes that a paid representative is not acting in the best interests of the consumer.
ASIC’s guidance also makes it clear that if AFCA has excluded a paid representative from representing a consumer in relation to a complaint under the AFCA Rules, this would also be an acceptable reason for a financial firm to no longer engage with the paid representative, for the duration of the exclusion period.
If financial firms cease to engage with a paid representative by relying on the updated guidance in RG 271, financial firms:
<ol type="a">
<li>should clearly explain to a consumer why contact is being made directly and provide reasonable time to respond; and</li>
<li>can continue to communicate with a consumer directly, even if the consumer still expresses an intention to retain the paid representative.</li>
</ol>
<h2>Paid representatives: ASIC’s guidance for financial firms</h2>
ASIC is currently considering technical updates to Regulatory Guide 96 Debt collection guideline: for collectors and creditors (RG 96), and intends an amendment to the section on ‘when a debtor is represented’ to ensure consistency with RG 271.
In the interim, financial firms can engage with paid representatives in a manner that is consistent with RG 271 and the approach set out in this article.
ASIC expects this article will provide financial firms with more clarity about how they can engage with paid representatives including debt management firms. We also support financial firms developing their own initiatives that help to protect consumers.
<h2>Background</h2>
There is no uniform regulatory framework applying to the activities of debt management firms in Australia. Most debt management firms are not required to hold an Australian credit licence or an Australian financial services licence to provide debt management services.
<h2>AFCA bans MCR Partners</h2>
On 1 July 2020, AFCA announced its decision to ban paid representative MCR Partners from lodging complaints on behalf of consumers and small businesses. The decision means that MCR Partners including its directors, employees or agents are excluded from lodging complaints with AFCA for a period of 15 months until 30 September 2021. 
</body></html>

Handling complaints and paid representatives: ASIC provides financial firms with guidance

<html><body>
Former financial adviser Brett Andrew Gordon has today appeared before the Maroochydore Magistrates Court charged with 10 counts of fraud to the total value of $975,600, following an ASIC investigation.
Mr Gordon, of the Sunshine Coast, Queensland, was the director of Refocus Financial Group Pty Ltd (Refocus) and Diverse Capital Management Pty Ltd (Diverse).
ASIC alleges that, between 2015 and 2017, Mr Gordon dishonestly caused a detriment to the trustees of six self-managed superannuation funds (SMSFs) by withdrawing a total of $502,000 from the SMSF bank accounts without authorisation. The trustees of these SMSFs were Mr Gordon’s clients.  
ASIC further alleges that, between 2016 and 2018, Mr Gordon dishonestly paid $473,600 in personal debts and expenses, as well as Refocus business expenses, from funds belonging to Diverse. Those funds had been invested by SMSF clients for the purpose of participating in property development activities to generate a return. 
The matter has been adjourned to 25 September 2020 for further mention in the Maroochydore Magistrates Court.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
In July 2018, the Supreme Court of Queensland made orders by consent, on the application of ASIC, winding up Refocus and restraining Mr Gordon from carrying on a financial services business without holding an Australian Financial Services (AFS) licence or being an authorised representative of an AFS licensee.
</body></html>

Asic

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Asic

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News