The Australian Securities and Exchange Commission (ASIC) has banned two former financial advisers of MWL Financial Services Pty Ltd (MWL) from the provision of financial services, controlling an entity that carries a financial services business or the execution of any operation involved in the transfer of a financial services.
The forbidden consultants are:
- Rocco d’Amelio for 7 years from July 18 2025, and
- Robert Crossing for 6 years since July 18, 2025.
ASIC found that each of the advisers gave inappropriate advice to some customers who were not in their interest, as they recommended customers to invest most of their high -growth retirement or the development category of the SHIELD Main Fund which were high risk investments. Shield also had a limited trading history.
ASIC also found that advice of advice on some customers contained false and misleading statements, implying that they would enjoy better returns by investing their retirement in a shield, including shows that Shield had higher performance against other super chapters.
Counselors have the right to appeal to the administrative court’s ruling.
ASIC has previously banned two former MWL consultants on tips provided in relation to Shield. ASIC has also canceled Australia Pty Ltd (FSGA) (Clearing) Financial Services license from 7 June 2025 and has permanently banned by FSGA Graham Holmes manager. Some FSGA representatives provided personal tips for financial products to consumers who invested in Shield.
In February 2024, ASIC stopped new investment offers in Shield. ASIC made temporary interruption orders in four statements of products for Shield.
In June 2024, ASIC took steps to secure the assets held in Shield. ASIC has requested orders to maintain system assets so that they can be recovered, to the extent available, for the benefit of investors, while the survey continues.
The regulator estimates that, since February 2022, funds totaling more than $ 480 million have invested in a shield of at least 5,800 consumers, who had access to a shield mainly through retirement platforms, the managers for whom Macquarie Investment Limitated were managing.
The research to date suggests that potential investors were called by lead generators and referred to personal financial advice providers who informed investors to transfer their retail assets and then invest in the shield.
Asic explores the circumstances surrounding the shield. Asic explores the Keystone Asset Management Ltd (in the clearance) (the responsible entity for Shield) and its directors and officers, the role of managers, some financial advisers who recommended investors to invest in Shield, leader generators and others.