ASIC took action against Mr Duncan after the regulator found the website of Active Capital Managers made false representations concerning the existence of a fund by the name of ‘Exalt Managed Futures Fund’.
Investigations by ASIC found the fund did not exist “nor was it ever in existence”.
The website was also found to give the impression the fund was fully regulated and was trading at low risk while generating high returns, ASIC said.
“The law requires that financial products and services be offered by licensed businesses and that the promotion and advertising of financial products does not mislead or deceive investors,” ASIC commissioner Greg Tanzer said.
“ASIC will act to remove any individuals or companies from the financial services that do not abide by these obligations,” he said.
Mr Duncan has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Another pathetic ASIC response to what appears to be criminal activity.
In my opinion ASIC cost investors more money than they preserve. ASIC is a bad joke and if we treat then with the contempt they deserve maybe some thing will change – Royal Commission into ASIC !!
Incredible to banned from something you may not have been licensed to do. Banned from a business that wasnt legit.
Looking to see a penalty here.
Like banning me for being a jockey riding at Flemington when I only chased cattle.
Well, if he ever does start a managed fund I will definitely throw in a few dollars. Low risk with high returns – a very attractive proposition. At least he was smart enough for his non-existent fund to be performing well. I have seen a lot of his peers with non-existent funds generating a lot less alpha.
This reminds me of ASIC’s other great remedy, banning people from having a licence for the offence of giving advice without a licence.
Is Mr Duncan to be banned from doing something he wasn’t doing and shouldn’t have been doing
Bans and arranges to be charged with fraud?
Or just bans so he can keep doing dodgy stuff in a different way?
Well done on catching him, but banning alone is not a punishment or deterrent.
This fellow should be banned for Life not four years, he has set out to knowingly try and decive the public
So is this fraud or not? If yes (and it sure sounds like it is) then how is a 4 year ban in any way a response to this sort of behaviour? I would have thought this would be a Police matter.