Convicted fraudster, Shaun Gregory Morgan, has been barred from managing a corporation, after repeatedly approaching Australian business offering financial services, despite receiving a permanent ban from the sector earlier this year.
The Australian Securities and Investments Commission (ASIC) said the 38-year-old New Zealand national, who was the sole director of eight Australian companies, was automatically banned from being a company director, having pleaded guilty to bank fraud in the US in 2009.
ASIC reported that Morgan was sentenced to 60 months imprisonment by the US District Court in Utah for the offence.
In February the regulator issued a public warning not to deal with Morgan as he was providing unlicensed financial services through a number of websites.
The warning was followed by a permanent ban from providing financial services in June.
However, despite being permanently barred for the sector, ASIC revealed that Morgan had continued to approach Australian businesses offering financial support.
ASIC commissioner, John Price, said Morgan had approached companies listed on the Australian Securities Exchange (ASX) who were seeking to raise capital, and that he requested they pay an advance fee in exchange for facilitating the raising of capital through corporate bonds.
“Due to Mr Morgan’s unlicensed status and criminal history, ASIC strongly advises companies seeking to raise capital as well as other financial consumers to avoid dealing with him, or companies associated with him,” Price said.
Morgan was the sole director of the following Australian companies:
- Australian Capital Investment Group Pty Ltd (ACIG) (ACN: 169 480 880);
- Auscap Group Holding Pty Ltd (ACN: 603 681 072);
- Lotus Securities Advisors Pty Ltd (ACN: 166 485 445);
- Wolf Capital Investments Holdings Pty Ltd (ACN: 603 507 517);
- ACIG Mutual Fund Pty Ltd (ACN: 601 215 123);
- Al Fahim Investments Holding Group Pty Ltd (ACN: 603 434 591);
- Sumber Utama Alma Pty Ltd (ACN: 602 275 294);
- GTrade Securities Pty Ltd (ACN: 601 285 929).
