Formerly Morningstar-owned Huntley Management has been issued a $50,000 fine for falsely advertising that its investment projects were Australian Securities and investments Commission (ASIC)-approved.
Huntley Management has admitted to the false and misleading advertising and consented to the two declarations made by the Federal Court. The firm will now pay ASIC’s litigation costs.
“'Huntley's projects had not been approved by ASIC. It was true that the schemes were registered with ASIC but…. I do not think that this is remotely what the word 'approved' conveys,” His Honour Justice Perram said in the Federal Court judgment.
Huntley Management was previously issued two infringement notices for false advertising in 2015 and was issued civil penalty proceesings in September 2016 after failure to pay infringement notices.