ASIC names and shames unlicensed adviser
The corporate regulator has issued a warning to consumers to avoid an individual named Shaun Gregory Morgan known to be offering unlicensed services including financial planning.
Mr Morgan does not have an AFSL but has been offering a number of financial services to consumers in contravention of the law, the statement explains.
Among a number of websites, Mr Morgan runs www.auscapitalgroup.com, which claims to be the web page of a “leading investment bank” called Australian Capital Investment Group, offering “financial planning” services among others.
“Australian Capital financial planning provides direction and meaning to your financial decisions,” said a statement on the website.
“ACIG works with investors to understand how each financial decision you make affects other areas of your finances.”
Other websites run by Mr Morgan include www.auscap.com, www.facebook.com.au/auscapital group and www.aussieprimesecurities.com.au, the statement from ASIC reveals.
“Think twice before dealing with Mr Morgan and these companies or using their websites,” ASIC commissioner John Price said in the statement.
“The law offers certain consumer protections only when companies and individuals are licensed by ASIC. Mr Morgan and these companies are not.”
Mr Morgan was imprisoned in the US after pleading guilty to fraud charges relating to the provision of financial services.
The aforementioned website should not be confused with Brisbane-based boutique Australian Capital Financial Planning, which holds AFSL No. 380552.
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