ASIC acts on unlicensed SMSF advice firms
Australian Securities and Investments Commission (ASIC) has moved against two unlicensed self-managed super fund (SMSF) advice firms - Royale Capital and AdviceSuper - after they allegedly mislead clients about their investments.
According to the ASIC, Royale and Active raised $4.75 million from more than 200 SMSF investors who were told the funds would buy shares in the US and the British Virgin Islands.
Investors were also told that those foreign companies were to use the money raised to purchase distressed properties in the US.
ASIC stated it was concerned that the two companies operated as unlicensed financial services businesses, failed to meet disclosure requirements and were guilty of "unsolicited hawking" of financial products.
Directors of Royale and AdviceSuper, Justin Gibson and Jason Burrows are now banned from offering shares without appropriate disclosure, debiting further funds from their SMSF clients and dealing with any funds held in US-controlled bank accounts.
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