ASIC has banned Active Capital Managers' sole director Paul Duncan for four years after he was found to be promoting a non-existent fund.
ASIC took action against Mr Duncan after the regulator found the website of Active Capital Managers made false representations concerning the existence of a fund by the name of ‘Exalt Managed Futures Fund’.
Investigations by ASIC found the fund did not exist “nor was it ever in existence”.
The website was also found to give the impression the fund was fully regulated and was trading at low risk while generating high returns, ASIC said.
“The law requires that financial products and services be offered by licensed businesses and that the promotion and advertising of financial products does not mislead or deceive investors,” ASIC commissioner Greg Tanzer said.
“ASIC will act to remove any individuals or companies from the financial services that do not abide by these obligations,” he said.
Mr Duncan has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Despite arguments that the complaints authority automatically classifying an SMSF with less than $10 million as retail ...
APRA has warned retail super trustees that financial adviser involvement in recommending platform products does not ...
For financial advisers, ratings agencies have long been a trusted source of guidance, but recent developments in the ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin