In a statement issued by ASIC, the regulator said Equanimity – which entered into an enforceable undertaking in November 2014 and is described as a “financial planning and property management company” by the regulator – has been penalised $30,600 for misleading advertisements across a series of platforms.
“The ads for financing options for home loans ran on Equanimity’s website, on YouTube, in in-flight magazines for Qantas, Jetstar and Virgin, and in police journals for more than two years,” the statement from ASIC said.
“ASIC was concerned the company could have misled consumers into thinking that if they borrowed with Equanimity, they would be helped to repay their home loan in a reduced time frame without incurring further debt,” it said.
The company entered into an EU after an investigation found potentially misleading advertising regarding financing options for home loans.
Sentry revoked the company’s authorisation in March 2014.
From their website:
“You need to get involved in constructive debt. Constructive debt is good. It is debt that helps you create wealth long term. Investment loans for property and loans for shares (not that I would recommend shares), give you the ability to make more money by using leverageusing the banks money to make you money!” “The fastest and safest way to become a millionaire is to buy a million dollars worth of Real Estate and wait for it to double in value. Were not saying you should buy a million dollars worth of Real Estate right now….”
I don’t like it.
Well done ASIC, that’s a very ambiguous reason for penalizing another “too small to fight back” business for doing something that they totally had no intention of doing!