In a statement, ASIC said Nicholas Hunter was selling properties on behalf of Queensland-based property development company MOGS, and collected commission of between $10,000 and $25,000 per sale.
Mr Hunter, who advised a number of SMSF clients to invest in property in 2012, was found to be involved in falsifying Westpac finance letters to MOGS to facilitate payments of his commissions, ASIC said.
In addition, Mr Hunter operated a financial services company website and provided advice to several SMSF clients without a license or authorisation.
ASIC Commissioner Greg Tanzer said, “ASIC has recently focused our attention on the SMSF sector as the fastest growing sector in the superannuation industry”.
“The matter involving Mr Hunter highlights ASIC’s concerns about the potential for direct property advice through SMSF to constitute financial advice. Further, the adviser must act in the best interests of the client in giving that advice,” he said.
Mr Hunter was an authorised representative of various financial services licensees dating back to 2002, and his most recent appointment was with Spring FG between May 2011 and June 2012.
Well said Joe. Trade publications are biting the hand that feeds them. Money Management Magazine is the worse for calling unlicensed individuals “financial advisers”
here you go again, another advisor doing the wrong thing, we can only hope that the public understand that we are not all like this and some of us really care and do the right thing for the customer
Again we see the word ‘Adviser’ used for a property spruiker who wasn’t licensed!! W.T.F. is wrong with these people? Is it ASIC releasing this hogswollop trying to further paint us in a bad light, or is it journalistic slovenliness, or simply purposeful malicious intent?
If someone without a medical degree posed as a Doctor and was found out would we still be referring to them as a ‘Doctor’?