An Adelaide accountant who set up and promoted managed investment schemes without a financial services license has been banned from providing financial services for three years.
The Australian Securities and Investments Commission (ASIC) found Paul Edward Brown had not complied with a financial services law and was unlikely to comply with a financial services law in the future.
An investigation by ASIC revealed that Brown was involved in setting up several managed investments schemes and attracting investors to these schemes between May 1999 and July 2002 without a financial services license.
It also found the ‘Great Southern Olive Oil Project’, the ‘Sampson Vineyard and Winery Project’ and the ‘Zurich Investment Trust’, set-up by Brown, were not registered under the Corporations Act 2001 (the Act).
ASIC found that Brown’s misconduct was serious, and demonstrated a careless approach to complying with the Act, and consequently could not be relied upon to treat the regulatory framework of the financial services industry in a serious manner.
Brown has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
