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Investors on guard as property spruiker caught out
Australian property investors are being advised caution as another property spruiker is restrained from carrying on a financial services business.
Investors on guard as property spruiker caught out
Australian property investors are being advised caution as another property spruiker is restrained from carrying on a financial services business.
The Supreme Court of Queensland has made the orders restraining Advanced Wealth Financial Services and Richard Gardner from running a financial services company.
According to a statement from ASIC today, Mr Gardner and Advanced Wealth had advised clients to set up self-managed superannuation funds (SMSFs) to purchase investment properties.
Mr Gardner received “substantial” commissions for the purchases, ASIC said.
The court declared between 29 April 2016 and 9 November 2018, both Advanced Wealth and Mr Gardner contravened the Corporations Act by providing financial advice to clients to set up SMSFs, in order to buy investment properties in Australia, without holding an appropriate licence.
Mr Gardner and Advanced Wealth are not currently licensed nor authorised to provide financial services unless they hold, or are authorised by the holder of, an Australian financial services licence.
The back story
ASIC has long heralded the risks property spruikers pose to Australian investors, particularly since 2007, when it became legal to use your SMSF to borrow for the purposes of a property purchase.
Most recently, ASIC warned holiday makers about property spruikers lurking in the popular holiday spot of Coffs Harbour on the mid-north coast of NSW.
According to ASIC, the spruikers are setting up shop outside of shopping centres and speaking to individuals on the street to convince victims to establish SMSFs through them.
The fraudsters are selling consumers on the fake promise of drawing on their newly set-up SMSF to pay off debts, purchases cars, start businesses or buy property.
They also claim consumers can do so without any upfront fees for service.
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