ASIC fines publisher over misleading promo guide
Port Phillip Publishing (PPP) and its former director Kristan Sayce have been found liable by the Australian Securities and Investments Commission (ASIC) for misleading and deceptive statements about publishing a guide mimicking the Future Fund.
The publisher and director were fined $600,000 and $50,000, respectively, based on penalties proposed by both parties and ASIC.
The two documents which had the misleading statements, a promo letter and a guide, were published September 2017 titled “Everyday Australians Now Legally ‘Piggybacking’ ‘the Future Fund’…and collecting extra monthly income injections of $540 right up to $6,667” and “Your Quick Start Guide to Piggybacking the Future Fund”.
PPP published the promo letter promoting the guide on two of its websites and emailed copies of the promo letter to approximately 200,000 subscribers.
Those documents promoted investing in a specific portfolio of listed investment companies and exchange traded funds (ETFs) which was sold as mimicking the performance of the Government’s Future Fund.
The guide could only be accessed based on subscription of $49, with 823 people having paid for a copy of the guide.
AUTHOR
Chris Dastoor
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
