Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
ASIC sues Macquarie over fraud-monitoring allegations
Lawsuit filed
The Australian Securities and Investments Commission commenced civil penalty proceedings against Macquarie, alleging it failed to properly monitor, detect and prevent unauthorized fee transactions. Macquarie said it had noted the proceedings and had reimbursed clients who lost money as a result of the adviser’s actions.
Company response
Refund or compensation — Macquarie
Macquarie said it had noted the court proceedings and had reimbursed all clients who lost money as a result of Mr Hopkins' actions.
Refund or compensation — Macquarie
Following the independent adviser’s failure to compensate his clients for their losses, Macquarie fully reimbursed the 13 clients
Source excerpt
Macquarie failed to properly detect and prevent these unauthorised fee transactions, many of which were over $10,000 each.
Today the Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings in the Federal Court against Macquarie, alleging the transactions "did not pass through a fraud monitoring system or undergo manual checks to confirm the transactions were for fees".
ASIC is alleging Macquarie breached its obligation to provide financial services efficiently, honestly and fairly, in breach of the Corporations Act, and that it made false and misleading representations.