ASIC permanently bans unlicensed financial adviser
Unlicensed financial adviser, Senen Pousa, has been permanently banned from providing financial services or engaging in credit activity, the Australian Securities and Investments Commission (ASIC) announced on Monday.
Pousa, the former director of Investment Intelligence Corporation Pty Ltd (IIC), had advised clients to invest in financial products via online webinars and a website, charging clients between $3,000 and $5,000 for access to his product recommendation.
Neither IIC or Pousa held an Australian financial services (AFS) licence or any other authorisation to operate a financial services business, the regulator said.
ASIC also said the financial product that Pousa was recommending resulted in significant losses to investors and that criminal charges are being pursued against two individuals in the Netherlands by the Dutch Fiscal Police.
ASIC had taken earlier criminal and civil action against Pousa and IIC. In April 2018, after pleading guilty to one charge of aiding and abetting his company, IIC, to carry on a financial services business without holding an AFS licence, Pousa was sentenced to 12 months imprisonment, suspended on the condition that he be of good behaviour for five years.
In July 2012, ASIC froze more than $3 million in funds held by IIC as part of its investigation and also obtained orders preventing Pousa from leaving the country. ASIC subsequently obtained orders to wind up IIC on just and equitable grounds.
ASIC said Pousa has the right to seek a review of its ban before the Administrative Appeals Tribunal.
Recommended for you
Intelliflo has been acquired by global investment firm Carlyle for $200 million, stating it wants to accelerate the software firm’s growth in Australia.
Asset and wealth manager Prime Financial Group is looking to M&A and technology for future growth after growing its FUM by 58 per cent in FY25.
Centrepoint Alliance, the third-largest advice licensee, has reported 40 per cent growth in its managed accounts business, but profits fell by a third.
Prosperity Advisers Group, a mid-tier advisory firm, has surpassed $1 billion in funds under management, hitting this milestone following a “sustained period of growth for the firm”.
