Mr Morgan does not have an AFSL but has been offering a number of financial services to consumers in contravention of the law, the statement explains.
Among a number of websites, Mr Morgan runs www.auscapitalgroup.com, which claims to be the web page of a “leading investment bank” called Australian Capital Investment Group, offering “financial planning” services among others.
“Australian Capital financial planning provides direction and meaning to your financial decisions,” said a statement on the website.
“ACIG works with investors to understand how each financial decision you make affects other areas of your finances.”
Other websites run by Mr Morgan include www.auscap.com, www.facebook.com.au/auscapital group and www.aussieprimesecurities.com.au, the statement from ASIC reveals.
“Think twice before dealing with Mr Morgan and these companies or using their websites,” ASIC commissioner John Price said in the statement.
“The law offers certain consumer protections only when companies and individuals are licensed by ASIC. Mr Morgan and these companies are not.”
Mr Morgan was imprisoned in the US after pleading guilty to fraud charges relating to the provision of financial services.
The aforementioned website should not be confused with Brisbane-based boutique Australian Capital Financial Planning, which holds AFSL No. 380552.
referring to the above contexts and other such news about shaun gregory morgan, there are no such prompt alert to avoid having business with SG Morgan. So it is clear that he is benefiting the consumer through his unlicensed service
We have the firm Australia Capital Investment group on a on going retainer for the past 6 months, Shaun Morgan has driven our company into a large expansion into Indonesia, with amazing results, I think its Inappropriate that ASIC can write a article about companies and not be held to account for its actions.
[quote name=”Lord Stockton”]’I just had a client tell me that their accountant said dont use term deposits, buy bank shares instead.’
Is that ‘unlicenced advice’ that may well be illegal or ‘factual advice’ that well be legal[/quote]
If the Accountant told the client to purchase a share holding, and not to purchase another type of investment, rather than saying “shares in banks are doing well at the moment” as a general comment, then YES that is advice, whilst the second is a factual comment. And YES there is a difference.
I bet the US criminals bet they had ASIC in charge. ASIC would have just named and shamed Bernie Madoff who made-off with $57 billion of investors money.
What do you mean by “unlicensed adviser”, you are either licensed to give advice or you are not.
Anyway, you (ASIC) can always go out and arrest him before he becomes another one to add to the disrepute in this industry. Won’t hold my breath though.
‘I just had a client tell me that their accountant said dont use term deposits, buy bank shares instead.’
Is that ‘unlicenced advice’ that may well be illegal or ‘factual advice’ that well be legal
I just had a client tell me that their accountant said dont use term deposits, buy bank shares instead.
If ASIC actually cared about “unlicensed advice”, they would have a very long list which just happens to include the majority of accountant in Australia.
How is this guy different from the thousands of accountants and real estate agents providing conflicted, inappropriate, & unlicensed investment advice? Seems like he was stupid enough to admit what he was doing on his website. Accountants and real estate agents are well trained in the art of “never put your advice in writing”.
Surely if this person is fraudulently claiming to be a provider of (licensed) advice a more accurate and less misleading headline would be “Asic Names and Shames Fraudster”? It is headlines like these that mislead the public and taints the integrity of every hardworking financial adviser who DOES follow the law.
Well he has probably been providing “professional advice” JM, whether we like it or not. Until the govt gets it act together and enhsrines the term adviser this will keep happening
Why is this person being described as an “unlicensed Adviser”?,,
Surely he is NOT an Adviser??
I guess anybody can be described as an unqualified heart surgeon, non qualified policeman etc..??
Priorities gone astray – again? I’m not a lawyer but it would seem that an individual is clearly committing fraud and ASIC issues a press release ? Somewhat like – Caesar fiddles while Rome burns!
ASIC are not allowed to penalise those not regulated under them. Go the property developers who put themselves out to be financial planners – you are cleaning up big time and hey if you do get in trouble just shut down and open up under another name. But you already know that don’t you! The whole system is one big joke. Problem is those doing the right thing are finding they are frowned upon – the financial planning industry has really had enough of this bad publicity. How can a mum or dad know who to trust anymore?
So can this guy just keep illegally advising consumers?? Naming and shaming isn’t very harsh… he’ll just keep making money.
ASIC what a copout! Don’t you enforce the whole of the Corporations Act? Surely there must be something in there that allows you to prevent a company director from stating on their website that they have an AFSL? If the guy was jailed for fraud in the US – is he a fit and proper person to be a company director. This is the sort of issue you should be coming down on hard!
Great to see ASIC coming down so heavily on this convicted fraudster by issuing warnings to the public, no doubt the (licensed) ACFP now feel much better about their name being associated with this guy. In other News, ASIC is pushing for a custodial sentence and has banned an adviser for life for consolidating 5 super funds, one of which had slightly cheaper fees but there were inadequate file notes to justify the inclusion of this fund.
How many consumers are reading ASIC press releases? This is ridiculous. Arrest him if he is breaking the law.
how was this Kiwi even allowed in Australia ? This fraudster spent some time in prison when the FBI arrested him.