Author: Rebecca Exley

ASIC v Storm Financial: The Battle Has Ended

ASIC v Storm Financial: The Battle Has Ended The principals of Storm Financial, Emmanuel and Julie Cassimatis, have both just received civil penalties of $70,000 and a seven year disqualification from managing corporations. This is as a result of breaching their duties as directors and failing to ensure that the financial services which they were providing under their AFSL were provided efficiently, honestly and fairly. ASIC argued that Storm Financial provided advice to a variety of unsuitable investors who would later become ‘stormified’ and encouraged to invest substantial amounts in index funds using ”double gearing” (‘Storm Model’). At a (fairly) high level,...

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Uber and Equifax – Data Breach Responses are Critical

Another week another data breach as Uber revealed that it had been the subject of a data breach which resulted in the theft of personal information of approximately 57 million users. With the ever increasing reliance on technology to deliver most consumer services, these breaches are almost impossible to completely prevent. However, your reaction to these breaches could save your business millions of dollars, and how you respond will soon be further prescribed in Australian law.    The Uber breach took place in late 2016, where two hackers accessed its user data stored on a third-party cloud based service....

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