The Secret contributor banned for life by ASIC

financial-services-business/

image
image image
expand image

Another industry practitioner has been banned for life from providing financial services, following an investigation by the Australian Securities and Investment Commission (ASIC).

ASIC found that the former contributor to the popular self-help product The Secret, David Schirmer, failed to comply with financial services laws in relation to the promotion, operation and delivery of a trading and wealth creation program known as the ‘Platinum Super Traders’.

The regulator found Schirmer made false statements to participants in the 2005 and 2006 Platinum programs and engaged in dishonest conduct.

The investigation also established the Victorian man provided financial services on behalf of another person who carried on a financial services business while not being authorised to do so.

Rather than disclosing difficulties he was facing with aspects of the Platinum program, Schirmer chose to deceive Platinum participants and deliberately prepared and provided them with a false document, according to ASIC.

Schirmer has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Court.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

6 days 7 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

3 weeks ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

1 week 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5