ASIC sues Interprac over $677m Defend tremendous scandal

ASIC says MWL failed to fulfill best-interests and appropriate-advice duties, and that lead generator Imperial Capital misled potential purchasers. MWL allegedly acquired recommendation charges for SOAs recommending Defend, whereas Imperial (by way of a associated entity) collected about $12.8 million from Defend-linked entities for referrals. ASIC is looking for civil penalties, declarations, and orders restraining Interprac from offering monetary providers.