Unlicensed adviser banned
The Federal Court has banned a Tasmanian-based company and its director from providing financial product advice following allegations they charged consumers up to $40,000 for unlicensed advice on securities and derivatives.
According to the Australian Securities and Investments Commission (ASIC), Oxford Investments Tasmania and its director Steven Moore conducted a series of so-called ‘training courses’ on trading future contracts on the Sydney Futures Exchange despite neither holding a financial services licence.
More than a dozen people, most of whom live in or near Hobart, attended the courses between January 2004 and March 2006 and several agreed to pay up to $40,000 for the training and a supplementary computer software program.
ASIC alleges that Moore made recommendations that were intended to influence course attendees’ decisions on trading in securities or derivatives.
Court orders precluding Moore and Oxford from providing financial advice on securities and derivatives will remain in force until either another order is made or proceedings are concluded.
ASIC is seeking final orders restraining Moore and Oxford from providing any kind of financial advice in future as well as declarations that their conduct breached the consumer protection provisions of the ASIC Act.
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