Trident Press removes claims after ASIC intervention
The online publisher Trident Press has removed a number of claims on its websites after the Australian Securities and Investments Commission (ASIC) found they were "likely to mislead consumers".
Trident is a publisher of wealth creation, tax minimisation and asset protection information, according to ASIC. The company issues a newsletter called Trident Confidential to subscribers which offers investment advice and stock market tips.
Prior to ASIC's intervention, the Trident websites contained claims such as: "Guaranteed Wealth in 5 years"; "The one sure fire way to become wealthy - 100% guaranteed"; and "How to get an 18% return on your money overnight with one simple strategy".
Trident also claimed on its website that its calculations were consistent with guidelines set out by regulatory bodies such as ASIC.
The regulator was particularly concerned that the past performance information posted on Trident websites was likely to be misleading because it failed to take into account fees and costs of investing.
ASIC acted upon its concerns by issuing notices to Trident Press requiring the publisher to substantiate its claims.
In response, Trident removed some of the claims on its website and modified others; agreed to improve its business processes so similar claims were not made in the future; and took steps to ensure past performance information was calculated on a reasonable basis.
The regulator acknowledged the Trident businesses' cooperation in the matter, but it encouraged any consumers who felt they had been misled by Trident's claims to contact ASIC.
"ASIC will take action, including court action, whenever we see questionable claims and representations being made to consumers. It is important that consumers are not exposed to claims that have no substance," said ASIC senior executive Delia Rickard.
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