The Secret contributor banned for life by ASIC
Another industry practitioner has been banned for life from providing financial services, following an investigation by the Australian Securities and Investment Commission (ASIC).
ASIC found that the former contributor to the popular self-help product The Secret, David Schirmer, failed to comply with financial services laws in relation to the promotion, operation and delivery of a trading and wealth creation program known as the ‘Platinum Super Traders’.
The regulator found Schirmer made false statements to participants in the 2005 and 2006 Platinum programs and engaged in dishonest conduct.
The investigation also established the Victorian man provided financial services on behalf of another person who carried on a financial services business while not being authorised to do so.
Rather than disclosing difficulties he was facing with aspects of the Platinum program, Schirmer chose to deceive Platinum participants and deliberately prepared and provided them with a false document, according to ASIC.
Schirmer has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Court.
Recommended for you
After seven years at the company, Iress’ chief technology officer for wealth management APAC, Anthony Gerrits, has departed as the firm commences a search process to fill the role.
With advice firms thinking about scaling up in 2025, research has detailed the main avenues financial advisers say they have used for successful recruitment.
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
