ASIC permanently bans unlicensed financial adviser


Unlicensed financial adviser, Senen Pousa, has been permanently banned from providing financial services or engaging in credit activity, the Australian Securities and Investments Commission (ASIC) announced on Monday.
Pousa, the former director of Investment Intelligence Corporation Pty Ltd (IIC), had advised clients to invest in financial products via online webinars and a website, charging clients between $3,000 and $5,000 for access to his product recommendation.
Neither IIC or Pousa held an Australian financial services (AFS) licence or any other authorisation to operate a financial services business, the regulator said.
ASIC also said the financial product that Pousa was recommending resulted in significant losses to investors and that criminal charges are being pursued against two individuals in the Netherlands by the Dutch Fiscal Police.
ASIC had taken earlier criminal and civil action against Pousa and IIC. In April 2018, after pleading guilty to one charge of aiding and abetting his company, IIC, to carry on a financial services business without holding an AFS licence, Pousa was sentenced to 12 months imprisonment, suspended on the condition that he be of good behaviour for five years.
In July 2012, ASIC froze more than $3 million in funds held by IIC as part of its investigation and also obtained orders preventing Pousa from leaving the country. ASIC subsequently obtained orders to wind up IIC on just and equitable grounds.
ASIC said Pousa has the right to seek a review of its ban before the Administrative Appeals Tribunal.
Recommended for you
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
With Insignia Financial suffering a cyber attack on its Expand platform, this can potentially have a negative impact on the two private equity bids currently in play for the firm.
State Street Global Advisors has made an equity investment in Ethic, a platform helping financial advisers to produce bespoke portfolios, reflecting the greater client demand for customised portfolios.
WT Financial’s new entity with Merchant, Investco, has entered into a heads of agreement to merge three financial advice firms.