ASIC issues fraudster warning
The Australian Securities and Investments Commission (ASIC) is warning financial service consumers to steer clear of businesses associated with Shaun Gregory Morgan.
In a statement released this morning, ASIC revealed that Morgan has been offering "financial services through a number of websites", while not holding an Australian Financial Services Licence.
ASIC Commissioner, John Price, said consumers should, "think twice before dealing with Mr Morgan", and identified Australian Capital Investment Group Pty Ltd and Aussie Prime Securities Pty Ltd, he was associated with.
Morgan was imprisoned in the US after pleading guilty to an offence involving fraud in connection with the provision of financial service. He was also ordered to pay restitution.
"The law offers certain protections only when companies and individuals are licensed by ASIC," Price said.
"Mr Morgan and these companies are not".
ASIC also warned consumers about a company controlled by Morgan, called Auscap Group Holdings Pty Ltd, which was incorporated on 14 January 2015, and claimed to have a number of subsidiaries of banks in Australia as shareholders.
"The banks have told ASIC that they do not hold any shares in Auscap Group Holdings Pty Ltd and have no knowledge of Auscap Group Holdings Pty Ltd," the regulator said.
AUTHOR
Nicholas O'Donoghue
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
