MWL pair hit with first Shield-linked adviser bans

On Wednesday, the Australian Securities and Investments Commission (ASIC) banned Isaac Jacob McQueen and Matthew Simon Bradley for a period of four and eight years, respectively.

Under the ban, both former financial advisers are prohibited from “providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business” for the term of their bans.

X

Continue to Website

ASIC found that McQueen, who was authorised by MWL Financial Services from 31 October 2022 to 9 June 2023, gave inappropriate advice to clients that was not in their best interests.

This advice related to recommendations that clients invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund, which ASIC noted were high risk investments with a limited trading history.

Similarly, ASIC found that Bradley also gave inappropriate advice to clients to invest most of their superannuation in Shield funds.

Bradley was also previously authorised by MWL Financial Services across two periods – from 11 October 2017 to 27 December 2021 and from 28 March 2022 until he was banned.

The regulator said his statements of advice to certain clients included “false and misleading statements that implied clients would enjoy better returns if their superannuation were invested into Shield”.

This included projection tables and statements for clients’ superannuation that did not have reasonable grounds and representations that Shield had a higher performing track record against other super funds despite having only been in existence for a short period.

“ASIC has reason to believe that Mr Bradley is not a fit and proper person, is not adequately trained or competent and is likely to contravene a financial services law,” it said.

McQueen’s banning order took effect from 17 June 2025, while Bradley’s took effect from 3 July 2025.

Both bans have been recorded on the Banned and Disqualified Register and the former advisers have the right to appeal the decisions to the Administrative Review Tribunal.

ASIC’s action comes hot on the heels of a media blitz warning consumers to be on “red alert” over the kind of high-pressure sales tactics that urge super switching, which has been a key feature of its investigations into both Shield and the First Guardian Master Fund.

Despite ASIC taking significant action in these cases – everything from asset freezes and travel bans to Australian Financial Services Licence cancellations and even a raid here and there – the action against McQueen and Bradley are the first financial adviser bans connected to the schemes.

ASIC deputy chair Sarah Court signalled that the bans were on the horizon, noting they were “currently underway”.

MWL is among a handful of advice firms caught up in the Shield collapse and is among the last entities left standing.

It also has close ties with Keystone, with MWL director and manager of its accounting business, Louie Kortesis, also serving as a director of Keystone from 29 December 2023 to 14 November 2024.

According to The Australian, around $4.9 million found its way from Shield through the Chiodo Corporation to 24Calibre, an entity controlled by Kortesis, “apparently for celebrity appearance fees, agent fees, travel costs and operating costs”.

ASIC’s investigations into Shield have found that at least 5,800 consumers invested funds totalling more than $480 million, primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited.