‘Woeful’ Australian financial service firm fined A$1.25m
Lanterne was responsible for ensuring that A$1.7b of FUM was properly managed by its 60 corporate representatives, but it only had one full-time employee – its CEO and sole director Peter Cozens.
Failure to properly manage risk and compliance among its licensees, which collectively had up to A$1.7 billion ($1.85b) in funds under management, has resulted in a A$1.25 million fine for wholesale licensee Lanterne Fund.
Australian Securities and Investments Commission (Asic) took the licensee
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