ASIC issues fraudster warning



The Australian Securities and Investments Commission (ASIC) is warning financial service consumers to steer clear of businesses associated with Shaun Gregory Morgan.
In a statement released this morning, ASIC revealed that Morgan has been offering "financial services through a number of websites", while not holding an Australian Financial Services Licence.
ASIC Commissioner, John Price, said consumers should, "think twice before dealing with Mr Morgan", and identified Australian Capital Investment Group Pty Ltd and Aussie Prime Securities Pty Ltd, he was associated with.
Morgan was imprisoned in the US after pleading guilty to an offence involving fraud in connection with the provision of financial service. He was also ordered to pay restitution.
"The law offers certain protections only when companies and individuals are licensed by ASIC," Price said.
"Mr Morgan and these companies are not".
ASIC also warned consumers about a company controlled by Morgan, called Auscap Group Holdings Pty Ltd, which was incorporated on 14 January 2015, and claimed to have a number of subsidiaries of banks in Australia as shareholders.
"The banks have told ASIC that they do not hold any shares in Auscap Group Holdings Pty Ltd and have no knowledge of Auscap Group Holdings Pty Ltd," the regulator said.
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.