Financial Rescue News
We aim to inform every day Australians of financial industry issues that are occurring around the country. We hope that by providing information, people can either avoid these scams, or can be compensated for their losses. If you have experienced financial losses due to bad financial advice, or any of the situations that are in our news articles below, we are here to help.
ASIC commences civil penalty proceedings against Squirrel Superannuation Services
Squirrel is a financial technology company that holds an Australian financial services licence (AFSL). ASIC alleges that from around January 2015, Squirrel marketed and sold services helping customers establish and operate self-managed superannuation funds (SMSF) to purchase established residential property.
Mortgage Broker Astna Shirtika Sahay, of Mascot NSW, Banned from engaging in any credit activities for five years.
ASIC has banned mortgage broker Astna Shirtika Sahay, of Mascot NSW, from engaging in any credit activities for five years.
ASIC bans Macquarie financial adviser Warren Acworth
Australian Securities and Investments Commission (ASIC) announced today the permanent ban of Macquarie financial adviser Warren Acworth from providing financial services.
ASIC permanently bans dodgy accountant - Tram Tan, Orchard Accountants
Tam Tran, the sole director and shareholder of Orchard Accountants Pty Ltd, was banned following an ASIC investigation that found funds were withdrawn from Ms Tran’s clients’ SMSF accounts without their authority and deposited into the trust account of Orchard Accountants.
ASIC bans former Godfrey Pembroke adviser - Adrian Cassidy
Adelaide-based financial adviser Adrian John Cassidy has been banned from providing financial services for six years, after corporate regulator ASIC found he acted dishonestly in hiding client recommendations from his licensee, Godfrey Pembroke.
ASIC permanently bans former NSW financial adviser Nicholas Ellis
ASIC has permanently banned former financial advisor Nicholas Ellis, of Valentine, NSW, from providing financial services and engaging in credit activities.
ASIC bans ex-NAB, AMP financial planner David O'Brien
Northern NSW-based financial adviser David Allen O’Brien has been banned from providing financial services for four years following surveillance by the Australian Securities and Investments Commission.
Perth SMSF adviser, Wayne Blazejczyk, banned for best interests failure
Wayne Blazejczyk failed his best interest duties by recommending clients with low super balances setup a SMSF, which exposed his clients to financial harm because the ongoing SMSF costs were higher than the costs of their existing superannuation fund.
Financial Adviser, Lawrence, O'Neill, banned by ASIC for five years
The surveillance relates to the period in which Mr O’Neill was an Authorised Representative of Godfrey Pembroke and Wealthsure Financial Services. ASIC found that he failed to comply with financial services laws and wasn’t adequately trained.
ASIC hands down 6-year ban to Jihad Soleiman, over dodgy SMSF advice
Jihad Soleiman, an authorised representative of Apogee Financial Planning Limited (Apogee) during the period June 2013 to February 2018, had been approached by clients about SMSFs for the purposes of either investing into property or property development companies.