ASIC has banned Melbourne-based financial adviser Wade Lance Spooner for eight years over inappropriate advice related to Shield Master Fund.
Spooner, who had been authorised by MWL since May 2021, is now restrained from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business.
“ASIC found that Mr Spooner gave inappropriate advice to certain clients which was not in their best interests, as he recommended clients invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund (Shield) which were high risk investments. Shield also had a limited trading history,” the regulator said in a statement.
Spooner, who was also a member of MWL’s investment committee, provided statements of advice to clients that ASIC said contained false and misleading statements that implied they would enjoy better returns by investing their superannuation into Shield.
This included “representations that Shield had a higher performing track record against other super funds when Shield had only been in existence for a short period”.
“ASIC has reason to believe that Mr Spooner is not a fit and proper person and is likely to contravene a financial services law,” it said.
On the day the banning order took effect on 25 July 2025, Spooner lodged an application with the Administrative Review Tribunal (ART) seeking a review of ASIC’s decision, as well as an application for a stay and confidentiality orders pending the outcome of the ART review.
The ART heard Spooner’s application for a stay and confidentiality orders, however, refused the request on 20 October.
Spooner’s review application of ASIC’s decision remains ongoing with the ART.
The announcement follows ASIC cancelling the Australian Financial Services Licence of MWL Financial Services and banning director Nicholas Maikousis for 10 years over conduct in relation to the Shield Master Fund.
ASIC found MWL operated what it called a “low-cost advice project” from 2021 to receive referrals from telemarketers/lead generators and to recommend clients invest their superannuation in Shield. Between September 2021 and February 2024, MWL recommended Shield to more than 750 clients who collectively invested $155 million.
“Clients who seek advice from financial advisers should be able to trust that the advice they receive will be in their best interest. Failing to manage conflicts has the potential to cause consumers to be given financial product advice that may not suit their needs,” said ASIC deputy chair Sarah Court in August.
ASIC also banned the firm’s responsible manager and compliance manager, Robert John Tohill, from providing any financial services for five years.
“Mr Tohill commenced as compliance manager at MWL in December 2016 and was appointed as one of MWL’s responsible managers in December 2021,” ASIC said in a statement.
“While at MWL, certain financial advisers provided personal financial product advice to consumers who invested in the Shield Master Fund.”
In cancelling MWL’s licence, ASIC required MWL to remain a member of AFCA until 25 August 2026.
MWL, Maikousis, and Tohill have the right to apply to the Administrative Review Tribunal for a review of ASIC’s decisions.
The action follows ASIC banning four MWL Financial Services advisers in July, beginning with Isaac Jacob McQueen and Matthew Simon Bradley for a period of four and eight years, respectively.
Later that month, ASIC announced it had banned MWL advisers Rocco D’Amelio and Robert Crossing from providing financial services for a period of seven and six years, respectively.
At the start of July, ASIC deputy chair Sarah Court had signalled bans were on the horizon, 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.
