ASIC bans MWL adviser for 8 years over Shield advice
The Australian Securities and Investments Commission (ASIC) has imposed another banning relating to the Shield Master Fund.
The regulator announced it has banned Melbourne-based financial adviser Wade Lance Spooner, of MWL Financial Services Pty Ltd (Administrators Appointed) (MWL), from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for eight years.
ASIC said it had found that Spooner gave inappropriate advice to certain clients which was not in their best interests, as he recommended clients invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund (Shield) which were high risk investments. Shield also had a limited trading history.
ASIC also found that Mr Spooner, who was a member of MWL’s investment committee, provided statements of advice to certain clients that contained false and misleading statements, implying they would enjoy better returns by investing their superannuation into Shield, including representations that Shield had a higher performing track record against other super funds when Shield had only been in existence for a short period.
ASIC said it has reason to believe that Spooner is not a fit and proper person and is likely to contravene a financial services law.
The banning order took effect from 25 July 2025.
Not defending this crook
But would ASIC pass any fit and proper test ?
Two directors from Lighthouse got 10 years for alleged fee for no service despite my understanding being that there were no client complaints. This bloke invests into a fraud for which I assume he received kick backs and gets 8 years. Maybe the lower penalty has something to do with ASIC ignoring the issue for much, much longer than they should have.