ASIC swoops on Gold Coast spruiker

The founder of a Gold Coast-based firm responsible for running a series of wealth creation seminars has consented to orders in the Supreme Court of Queensland that prevent him from promoting the unlicenced schemes to the public.

Jack C. Weavers, formerly known as Hamid Alenaddaf, and associates of his company Oneworld Seminars, will now refrain from offering Oneworld’s introductory sessions, three-day seminars, graduate program and mentoring programs following an investigation by the Australian Securities and Investments Commission (ASIC).

ASIC had reservations Weavers and Oneworld were providing financial advice without holding an Australian Financial Services Licence, and were operating unregistered managed investment schemes in breach of the Corporations Act.

The seminars included how to trade foreign currency and shares along with methods of luxury car financing. The seminar operators also provided ongoing guidance and networking opportunities, for a fee, in the form of a graduate and mentoring program.

Upon completion of the programs, participants would gain entry into a variety of investment clubs and joint ventures organised by Weavers, in addition to access to the Oneworld website.

“If people are interested in attending wealth creation seminars, ASIC believes it is usually safer and far better value to attend seminars run by reputable organisations and licensed financial services businesses,” ASIC executive director of consumer protection Greg Tanzer said.

The Court also made orders preventing Weavers from promoting or operating managed investment schemes, where members of the public were encouraged to contribute money to Weavers in order for him to trade on the share market.

ASIC commenced an investigation into the conduct of Weavers and Oneworld following complaints from the public.

The matter returns to Court on for December 6 2004 for further directions.