Byron Bay-based Senen Pousa has appeared in the Brisbane Magistrates Court charged with aiding and abetting his company, Investment Intelligence Corporation (IIC), to provide financial services without an AFSL.
If convicted, Mr Pousa will face a two-year jail sentence, a fine of $22,000 or both.
A previous ASIC investigation resulted in the freeze of $3 million in funds held by IIC.
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I suggest you check your facts before reporting false and misleading information.
I have checked the court records regarding Mr Pousa and no court has found him to have provided unlicensed investment advice. It is a claim being made by ASIC in its points of claim, however no court orders have been made and no trial has taken place.
Also a previous ASIC investigation did not result in the freeze of $3 million dollars held by IIC. The court documents show that Westpac bank froze the funds and the freeze order had nothing to do with the claims ASIC
has made against Mr. Pousa as they were already frozen approximately 2 molnths before ASIC’s investigation.
I agree it is important for the public to be made aware of breaches of the Act, however we reporters must also be called to a higher order when it comes to presenting the facts as they are and not a twisted version of the facts.
Agree Paul.. mind you this very publication hasn’t been quite as discerning in the past with its headlines. Hopefully this is also the start of something and the end of inflammatory headlines for cheap attention.
There is so much of this going on and we are finally starting to see some action. There is a guy in Perth claiming to be “Australia’s most watched independent financial educator”, yet I can’t find his details on an ASIC register.
He runs seminars to sell property.
Congatulations to ifa for reporting this as a “business providing unlicensed investment advice” rather than as a “financial adviser”.
I just wish more media outlets would adopt the same approach.