More Shield-linked advisers cop multi-year bans

MWL Financial Services has just four financial advisers left on its Australian Financial Services Licence (AFSL) after the Australian Securities and Investments Commission (ASIC) took action against another pair of its authorised representatives.

On Thursday, ASIC announced it had banned MWL advisers Rocco D’Amelio and Robert Crossing from providing financial services for a period of seven years and six years, respectively, effective from 18 July 2025.

“ASIC found that each of the advisers gave inappropriate advice to certain clients which was not in their best interests, as they recommended clients invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund (Shield) which were high risk investments,” the regulator said, adding that the fund had a limited trading history.

It also found that the advisers’ statements of advice included a number of “false and misleading statements” related to investments in Shield, including that Shield had a track record of higher performance than other funds and implying that clients would enjoy better returns by moving their super into Shield.

MWL Financial Services had authorised D’Amelio from 5 June 2017 to 30 September 2022 and then from 27 March 2023, while it had authorised Crossing from 20 November 2018 to 22 May 2025.

“ASIC has reason to believe that each of the advisers is not a fit and proper person, is not adequately trained or competent and is likely to contravene a financial services law,” the regulator added.

The bannings have been recorded on the Banned and Disqualified Register and the advisers each have the right to appeal the decision to the Administrative Review Tribunal.

ASIC’s latest actions follow the bans of MWL advisers Isaac Jacob McQueen and Matthew Simon Bradley for a period of four and eight years, respectively.

The regulator found that McQueen, who was authorised by MWL Financial Services from 31 October 2022 to 9 June 2023, gave inappropriate advice to clients that was not in their best interests – also relating to investments in Shield.

Delivering findings similar to those against D’Amelio and Crossing, ASIC said Bradley had included projection tables and statements for clients’ superannuation that did not have reasonable grounds and representations that Shield had a higher-performing track record against other super funds despite having only been in existence for a short period.

ASIC’s Professional Register shows that MWL Financial Services now authorises just four financial advisers, though not all of the exits are a result of bans.

In the new financial year alone, a further five advisers have left the licensee, with just two showing as current at another AFSL. A further four advisers exited either right at the end of 2024 or early in 2025.

Another related AFSL, MWL Planning, currently authorises one of those advisers – who had been authorised under both MWL licensees concurrently for a decade.

Also included in MWL Planning’s three financial advisers is one of the remaining MWL Financial Services, who shows as being authorised under both firms since 10 June this year.

ASIC’s action comes hot on the heels of a media blitz warning consumers to be on “red alert” over the kind of high-pressure sales tactics that urge super switching, which has been a key feature of its investigations into both Shield and the First Guardian Master Fund.

Despite ASIC taking significant action in these cases – everything from asset freezes and travel bans to AFSL cancellations and even a raid here and there – the action against McQueen and Bradley are the first financial adviser bans connected to the schemes.

ASIC deputy chair Sarah Court signalled that the bans were on the horizon, noting they were “currently underway”.

MWL is among a handful of advice firms caught up in the Shield collapse and is one of the last entities left standing.

It also has close ties with Keystone, with MWL director and manager of its accounting business, Louie Kortesis, also serving as a director of Keystone from 29 December 2023 to 14 November 2024.

According to The Australian, around $4.9 million found its way from Shield through the Chiodo Corporation to 24Calibre, an entity controlled by Kortesis, “apparently for celebrity appearance fees, agent fees, travel costs and operating costs”.

ASIC’s investigations into Shield have found that at least 5,800 consumers invested funds totalling more than $480 million, primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited.