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SYDNEY (Reuters) – A powerful public inquiry into the Australian financial sector has submitted 24 cases of corporate misconduct to regulators for possible lawsuits, but has not suggested any criminal prosecution in its final report released Monday.
The behavior included the widespread billing of fees for services not rendered.
The recommendations of the investigation were made public by the government after 11 months of revelations of wrongful financial acts that swept A $ 60 billion ($ 43.45 billion) of the country's main financial stocks.
Report by Tom Westbrook; Edited by Christopher Cushing
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