ASIC Sues Adviser Paid $34M to Spruik First Guardian Fund

ASIC sues adviser paid $34M to spruik First Guardian fund

Save (0) Please login to bookmark Close Username or Email Address Password Remember Me The Australian Securities and Investments Commission has launched enforcement action against an Interprac authorised representative who allegedly promoted the failed First Guardian investment fund to hundreds of clients. Subscribe to Lawyerly to access this article. Already a subscriber? Username or Email Addre…

ASIC sues adviser for alleged $34m in Shield, First Guardian kickbacks

It is the latest legal action lodged by ASIC over the collapse of the two funds in 2024, which wiped out $1 billion in savings for thousands of Australians.

Australian Regulator Sues Former Adviser Over A$34 Million From Collapsed Super Funds

The Australian Securities and Investments Commission (ASIC) sued former financial adviser Osama Saad today (Wednesday) over about A$34 million (about $22 million) paid to his companies. The money came from entities linked to two retirement funds that later collapsed.The regulator alleges the payments were routed around Australia's ban on conflicted remuneration, which stops advisers from taking benefits that could sway the products they recommen…

ASIC launches civil penalty proceedings against former financial adviser Osama Saad

ASIC has commenced civil penalty proceedings against former financial adviser Osama Saad, alleging he carried out schemes to avoid conflicted remuneration laws.

ASIC sues another former Venture Egg adviser

ASIC has launched civil penalty proceedings against former financial adviser Osama Saad, alleging he participated in schemes designed to avoid conflicted remuneration laws and provided unsuitable advice that directed hundreds of clients' superannuation into the collapsed First Guardian Master Fund. Saad was an authorised representative of Interprac Financial Planning between 17 June 2016 and 31 December 2021 and provided financial advice to reta…