ASIC has banned a NSW man for four years after it was found he had unlawfully carried on an unlicensed financial services business.
According to a statement, Ronald Malcom Cross of Figtree, NSW, was the director of Park Trent Properties Group.
On 27 November 2015, the Supreme Court of New South Wales found the firm had been illegally advising clients to purchase investment properties through SMSFs for more than five years.
The court also permanently restrained Park Trent from providing unlicensed financial product advice to clients regarding SMSFs.
ASIC banned Mr Cross after it found that he was knowingly involved in Park Trent’s contraventions and made all of its major strategic and business decisions as well as intended to influence clients to purchase properties through SMSFs.
Mr Cross was also willing to ignore legal advice and warnings about Park Trent's practices, “demonstrating that he is likely to contravene financial services laws”, ASIC said.
ASIC deputy chairman Peter Kell said: “ASIC's action against Mr Cross shows that we will not hesitate to exclude property spruikers who provide unlicensed financial services from the industry.”
Mr Cross has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
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