Mr Morgan has been banned from managing a corporation after he pleaded guilty in 2009 to bank fraud and was sentenced to 60 months imprisonment by the US District Court.
According to a statement by ASIC, Mr Morgan was the sole director of Australian Capital Investment Group, Auscap Group Holding, Lotus Securities Advisors, Wolf Capital Investment Holdings, ACIG Mutal Fund, Al Fahim Investments Holding Group, Sumber Utama Alma and GTrade Securties.
Earlier this year, ASIC had issued a public warning not to deal with Mr Morgan, who was offering unlicensed financial services through a number of websites, including www.auscapitalgroup.com and www.aussieprimesecurities.com.au.
He was permanently banned from providing financial services in Australia in June 2015.
ASIC added that although Mr Morgan is not currently residing in Australia, he continues to approach Australian companies offering financial services. He approaches ASX-listed companies that are seeking to raise capital, and then requests an advance fee in exchange for facilitating the raising of capital via the use of corporate bonds.
ASIC commissioner John Price said: “Due to Mr Morgan’s unlicensed status and criminal history, ASIC strongly advises companies seeking to raise capital as well as other financial consumers to avoid dealing with him or companies associated with him.”
ASIC is investigating cases where companies have paid an advance fee to Mr Morgan for capital raising and services have not been provided.
The aforementioned website should not be confused with Brisbane-based boutique Australian Capital Financial Planning, which holds AFSL No. 380552.
