Sydney-based CEO banned from providing financial services

The Sydney-based CEO and director of DG Wealth has also been barred from engaging in credit activity, performing any function in a credit entity, or controlling a credit entity for four years.

According to ASIC’s statement, published on Tuesday, Ms Grubisa, a lawyer and the CEO of the DGI group of companies (DG Institute and DGI Wealth), is “not a fit and proper person” to engage in financial services or credit activities and “is likely to continue to contravene financial services and credit law”.

The corporate regulator found that Ms Grubisa falsely represented that she and her company DGI Wealth held an Australian financial services licence and a credit licence. She was also found to have represented herself as an ASIC-licenced debt specialist, despite no such licence existing at the time.

Moreover, ASIC alleged that Ms Grubisa had a tendency to embellish her qualification to create credibility and a habit of not telling the truth.

Ms Grubisa has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.