In a statement issued today, ASIC revealed it has made a formal submission requesting a permanent banning order against Mr Gore and his wife Marina Gore after an investigation found “misleading and deceptive” conduct relating to SMSF investors.
ASIC alleges that the Gores, through their companies Royale Capital and ActiveSuper, provided unlicensed financial services, failed to provide disclosure documents to investors, engaged in cold calling practices and distributed investor funds to third parties without disclosure.
On 14 April 2015, the Federal Court ruled that Mr Gore and several other parties had “contravened sections of the Corporations Act or were knowingly concerned in those contraventions”.
Mr Gore sold WPS to British politician Michael Ashcroft in 2009.
Cynic, I invite you to open the link below and read the answers to your questions.
http://www.judgments.fedcourt….
ps Let me know if it’s too much of a read 🙂
Regards
When was Royale Capital and ActiveSuper established?
What time frame did these practices continue for?
Did ASIC know of their establishment?
Obviously based on Craig Gore’s incredible sordid business history, would he not have been on ASIC’s watch ?
Because the businesses were unlicensed, does that mean that ASIC do not know what is going on?
Do these people go unnoticed by ASIC until someone raises an alarm after the financial damage is done?
Does it seem that ASIC are always acting after the financial carnage, rather than at the implementation stage?
I think there are a lot of questions to answer in this case and many others.
Or is it just easier to ping advisers with a “poor advice” label simply because they are remunerated fairly and equitably via commission basis ?
You would have to start to think that the priorities are all very wrong.
That’s a start, now what about the dodgy heads of the Insto Wealth arms that ASIC are well aware and hold evidence of who they are, what they did, and how they did it. The unbelievable fact is that they are still running wealth arms today at executive level.