ASIC completely bans QLD monetary adviser

ASIC has completely banned Shane Rose from any involvement in monetary companies, highlighting his dishonest use of shopper superannuation funds.

ASIC investigation on Shane Rose

Whereas working for Octillion Associate, from February 2021 to January 2023, Rose really helpful investments in a monetary product to 6 self-managed superannuation fund shoppers, subsequently misappropriating their funds.

“ASIC discovered that Mr Rose engaged in conduct that was dishonest, by utilizing the client-invested funds for functions aside from which they got,” the regulator stated.

ASIC’s investigation concluded that Rose’s actions displayed “critical incompetence and irresponsibility,” deeming him “not a match and correct individual” for the monetary companies business.

“Mr Rose knew funds had been deposited for the aim of investing in a monetary product and that he knowingly and dishonestly utilized these funds for functions aside from which they had been invested,” the regulator stated.

Banning recorded and rights to enchantment

The ban is formally recorded in ASIC’s banned and disqualified register, with Rose retaining the suitable to enchantment the choice.

“Mr Rose has the suitable to enchantment to the Administrative Appeals Tribunal for a assessment of ASIC’s determination,” the company watchdog stated.

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