Former Venture Egg adviser banned for four years
Yet another financial adviser has been banned by the Australian Securities and Investments Commission (ASIC) in relation to advice around the Shield Master Fund.
ASIC said it had banned Victorian adviser and former Venture Egg AR, Nicholas Hogan, for four years for failing to act in the best interests of clients, inappropriate advice and misleading, deceptive and unprofessional conduct.
ASIC said it found Hogan engaged in misleading, deceptive and or unprofessional conduct by impersonating other advisers, knowingly having statements of advice (SOA) prepared by others in his name, and presenting SOAs in the name of other advisers to clients of Venture Egg and Reilly Financial with limited interaction between himself and the clients.
It said Hogan gave advice to four clients to switch their superannuation funds using an advice process that outsourced key parts of the advice process, including the fact find and risk profile assessment to an unlicensed third party referral partner.
ASIC found Hogan gave predetermined advice outcomes based on a template SOA which recommended clients switch their existing superannuation funds to Netwealth and retain a standard sum of $10,000 in each of the existing superannuation funds for insurance purposes.
The banning order took effect from 18 December 2025.
But what has ASIC done about recovering the money from the hole that it went into?
The money must have gone into a bank account somewhere in the world. Even rogue states do not allow criminals to operate in their countries otherwise they would expose themselves to retaliatory action.
Frankly this is more a failure of the regulators than the stupid advisors.
Have you ever tried getting money back from the Cayman Islands?