Neville Allan Kendrick permanently banned – May 1, 2025
Neville Allan Kendrick, a former Western-Australia-based financial adviser, has been permanently banned from working in financial services after multiple failures.
ASIC found that he provided financial services without a license or being authorized to do so, made “materially misleading statements” to persuade investors, and acted dishonestly by making faulty statements. The Commission also claims that Kendrick lacks the fitness and propriety, including proper training and competence, that are required to work within the industry.
Hospitality director disqualified for five years – April 30, 2025
Mohamed Chabib has been disqualified from managing corporations for five years after his involvement in four failed companies between 2017 and 2025. All companies operated in New South Wales and were involved in the hospitality industry, and were:
- J & B Management Pty Ltd;
- M & C Management Pty Ltd;
- Healthy Food Australia Pty Ltd; and
- Cessy Café Pty Ltd.
Chabib was found acting improperly and to have not met his officer’s obligations when he failed to:
- make sure that all companies paid their tax debts;
- ensure that J & B Management complied with its statutory lodgement obligations with the Australian Taxation Office (ATO);
- maintain books and records for all companies, which resulted in accurate financial statements; and
- making a company vehicle of J & B Management available for collection by the liquidator.
Chabib was also found to be improperly allowing payments to be made to the ATO from J & B Management’s bank account for debts that weren’t related to the company, and also allowing J & B Management and M & C Management to continue trading whilst insolvent.
At the time of ASIC’s decision, the companies owed a combined total of A$1,113,756 ($711,380) to unsecured creditors, of which A$486,201 ($310,542) was to the ATO and A$7,435 ($4,750) to the Workers Compensation Nominal Insurer.
Cancelled AFS licenses
ASIC cancels licence of Brite Advisors Pty Ltd – May 2, 2025
The Australian financial services licence (AFS) licence of Brite Advisors Pty Ltd has been cancelled after a payment of compensation by the Compensation Scheme of Last Resort (CSLR).
The Australian Financial Complaints Authority (AFCA) made a decision against the company on September 30, 2024, and Brite failed to pay. The CSLR then paid A$21,888.20 ($14,050) to a person in April 2025, and notified ASIC.
In October 2023, the Federal Court also set out interim dates for ASIC to freeze the funds and assets of Brite Advisors after concerns about:
- failing to provide the current financial position of the company, as Brite did not lodge its financial statements and auditor’s report for the financial year ended 30 June 30, 2022; and
- not reporting any funds under Brite’s management by the entities within the Brite Group in an audited balance sheet since December 2019.
Cancelled licence of Viridian Equity Group Pty Ltd – April 28, 2025
The AFS licence has been cancelled for Viridian Equity Group Pty Ltd after a payment of compensation by the CSLR.
The AFCA made three determinations totalling A$450,000 ($287,927) against Viridian Equity on October 31, 2024, which it failed to pay.
The CSLR then paid the three payments in March 2025, and notified ASIC.
Court updates
DOD Bookkeeping handed A$11m fine over “cookie-cutter” advice and conflicted bonus payments – April 24, 2025
The Financial services provider DOD Bookkeeping Pty Ltd (in liquidation) has been fined A$11,030,000 ($7m) for breaching conflicted remuneration rules, and because its advisers provided inappropriate “cookie cutter” advice.
The Federal Court found that the company, previously serving as Equiti Financial Services Pty Ltd, paid out bonuses of A$130,250 ($83,313) to three financial advisers who advised clients to roll over their super into self-managed super funds and use the the money to purchase property through a related entity, Equiti Property Pty Ltd.
For 12 clients, that advice was found to be “cookie cutter”, and failed to consider the clients’ individual circumstances or objectives.
“In this case the Court found bonuses paid to advisers influenced the advice they provided, resulting in poor financial outcomes for the consumers involved.”
Sarah Court, Deputy Chair, ASIC
Equiti FS’s AFS licence was cancelled in November 2024.
Block Earner found not engaging in unlicensed conduct – April 22, 2025
The digital asset service provider Block Earner has been found not to need a financial services licence to offer its digital asset-related Earner product.
The Full Federal Court’s ruling overturns the Federal Court’s original decision, which found the Earner product to be a financial product. It also dismisses ASIC’s appeal to relieve the company from paying a penalty for the alleged violations of carrying out unlicensed financial services businesses.
The Full Court has ordered ASIC to pay the costs of the proceedings, including appeals.
