ASIC brings fraud charges
The securities watchdog has brought two charges against North Queensland man Peter Edwards for operating an unlicensed investment scheme and embezzling more than $0.5 million from investors.
The Australian Securities and Investments Commission alleged that between April 2000 and December 2001, Edwards induced investors residing predominantly in Brisbane and Burpengary, Queensland, to purchase shares in Coppertone Investments. Seven investors ended up investing a total of $524,884 in the company.
In order to induce investors, Edwards promised that their capital would be guaranteed and could not be lost, as it would be invested through a concept he called ‘fractionalised reserve banking’.
Only some of the investors received small interest payments, while most received no income or interest.
To date none of the investors have been able to recover their investments.
Recommended for you
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
Despite the perception that short-term market events shouldn’t affect portfolio decisions, Praemium research finds 60 per cent of advisers have made portfolio changes in response to US President Donald Trump’s decisions.
International advice group Findex has appointed a senior individual to spearhead its M&A and growth operations across Australia and New Zealand, seeking to make the brand a household name.
