The Australian Securities and Investments Commission (ASIC) has announced that it has banned Shane Rose from providing any financial services, performing any function involved in the carrying on of a financial services business, and from controlling an entity that carries on a financial services business.
Between February 2021 and January 2023, while an authorised representative and responsible manager of Octillion Partner, Rose recommended six self-managed superannuation fund clients to invest their superannuation in a financial product.
ASIC found that Rose engaged in conduct that was dishonest, by using the client-invested funds for purposes other than which they were given.
The regulator added that it determined Rose knew funds had been deposited for the purpose of investing in a financial product and that he knowingly and dishonestly applied those funds for purposes other than which they were invested.
ASIC also found that Rose is not a fit and proper person to participate in the financial services industry because his dishonest actions showed serious incompetence and irresponsibility, and that he is likely to contravene financial services law in future.
Rose has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
