AAT upholds banning of Joshua Fuoco
The Administrative Appeals Tribunal has upheld the banning of Melbourne based financial planner Joshua Fuoco from providing financial services for five years for engaging in dishonest and deceptive conduct between 2005 and 2008.
According to the Australian Securities and Investments Commission’s (ASIC’s) investigation, Fuoco was an authorised representative of Elite Equities — a financial planning business associated with the Dollarforce Group — and recommended various financial products offered by the group during this period.
ASIC found that in some cases Fuoco did not have a reasonable basis for the advice that he gave and provided his clients with defective disclosure documents, failing to disclose remuneration details for himself and Elite.
Clients invested through Dollarforce Group in various property-related investments, including a loan program from which investors were to receive interest payments of between 10 per cent and 14 per cent.
After receiving complaints and information from investors and members of the public, the regulator launched an investigation that resulted in the wounding up of eight businesses associated with the Dollarforce Group.
Recommended for you
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
Stakeholders in the professional year discussion underscore the challenges in the current pipeline and what is holding back licensees from taking on new candidates.
Colonial First State has partnered with JP Morgan Asset Management to make its inaugural private equity allocation, continuing the firm’s expansion into unlisted asset classes.
Two law firms have highlighted licensees’ responsibility to ensure they have sufficient cyber security measures in light of the enforcement action against Fortnum Private Wealth.
