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Licensee for hire Lanterne receives Federal Court penalty

The Federal Court has issued a seven-figure penalty against Lanterne Fund Services, a wholesale licensee which operated as a ‘licensee for hire’.

Alan kirklandJustice mcevoyPeter cozensJustice timothy mcevoyLanterne fund servicesFederal court

Licensee for hire fined $1 25m by court

Lanterne Fund Services was issued a $1.25 million penalty by the Federal Court for failing to comply with basic obligations, including operating with almost no compliance staff or risk management processes.

Justice mcevoyPeter cozensRoyal commissionLanterne fund servicesFederal court

A million potential clients, $900b and high-risk assets: The neo brokers that have ASIC worried

A million potential clients, $900b and high-risk assets: The neo brokers that have ASIC worried
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Investments commissionLanterne fund servicesSarah courtAustralian securitiesFederal courtToro aus capital

Licensee for hire taken to court by ASIC - Professional Planner

The corporate regulator commenced civil proceedings against Lanterne Fund Services for failing to have risk management and other licensee services in place. Despite having $1 billion in funds under management and collecting $180,000 in fees monthly, the company only had one employee.

Sarah courtLanterne fund services

ASIC commences proceeding against $1b licensee for hire

ASIC has commenced civil penalty proceedings in the Federal Court against ‘licensee for hire’ company Lanterne Fund Services, as its systems and processes were “wholly deficient”.

Sarah courtLanterne fund servicesInvestments commissionAustralian securitiesFederal courtLanterne fund services

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