Orders filed against dodgy adviser
The securities regulator has filed proceedings in the Federal Court against Oxford Investments and its director, Steven Moore, to stop it from providing unlicensed financial product advice.
It is alleged that between January 2004 and March 2006, Oxford Investments conducted training courses in trading futures contracts on the Sydney Futures Exchange. More than a dozen people attended the courses, and it is believed that several of the attendees agreed to pay nearly $40,000 for the training and training materials.
According to the Australian Securities and Investments Commission (ASIC), Moore made recommendations that were intended to influence attendees’ decisions on trading in securities or derivatives, even though neither Moore nor his company has ever held an Australian Financial Services Licence.
It is further alleged that Moore and Oxford Investments engaged in misleading and deceptive conduct by way of various false representations made by Moore to course attendees.
ASIC is seeking court orders restraining both Moore and Oxford from carrying on any business of providing financial advice in the future. ASIC is also seeking declarations that Moore’s conduct breached the consumer protection provisions of the ASIC Act.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
