Past incarnations of the company which charged exorbitant fees for small loans were pursued in the courts by Asic
In recent weeks, it revamped its website to offer $250 daily cash draws, and $1,000 weekly prizes. The web links for its lending products are broken.“Trade promotions are usually regulated by state organisations,” Asic said in a statement. “We are making inquiries to see if there are any issues raised under financial services laws.”
The South African-born Swanepoel, who played for the ACT Brumbies and other rugby union sides in Australia and New Zealand, is listed as the sole director and secretary of the relevant company offering the cash prizes, called Cigno Australia.email newsletters for your daily news roundup “They’ve got a long mailing list of people who have tried to use their products at times and they’ve been in desperate circumstances,” Abourizk said.“Our concern is that a number of people we see in these really desperate circumstances have issues with problem gambling or a history of gambling addiction.”
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