The proceeding in the Federal Court against Port Phillip Publishing (PPP) and its chief executive Kristan Sayce concerns an article promoting an investment strategy that, according to PPP, consumers could adopt to “piggyback”, or mimic the performance of, the Australian government’s Future Fund, ASIC said in a statement.
The article said that the investment strategy would generate monthly income of $540 to $6,667.
Further, the article, which included client testimonials purportedly supporting the strategy, was targeted at retirees and was published on two of PPP’s websites and emailed to about 120,000 subscribers. Consumers were able to access the promoted investment strategy by purchasing a detailed guide from PPP for $49.
ASIC alleged that the article and the guide were misleading and deceptive because consumers could not mimic the performance of the Future Fund by adopting the promoted investment strategy, and that the testimonials contained in the article were false.
“ASIC alleges that PPP and Sayce breached various consumer protection provisions of the ASIC Act and Corporations Act, that PPP breached its AFSL obligations, and that Sayce breached his duties as a director of PPP,” ASIC said.
“In addition to declarations and financial penalties, ASIC seeks corrective advertising orders, injunctions and disqualification orders against Sayce.”
The first hearing of the matter is listed for 22 February 2019.
They believe in getting thousands of people to pay $49 for reports! It’s a pity that some of their stuff is actually quite interesting and even potentially on the money, but then it’s mostly wrapped up in bull dust and stupid, illogical promises of arbitrarily quoted returns based on very little. It’s about time ASIC brought them into line.
PPP regularly preach contradictory “Doom and Gloom” and “Buy Now” strategies to attract subscribers to their newsletter and other publications from a variety of purported soothsayers. They have little credibilty and it is difficult to know what they truly believe.