The Secret contributor banned for life by ASIC

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.

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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.

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