ASIC bans 2 additional MWL Financial Advisers
The Australian Securities and Investments Commission (ASIC) has banned two former financial advisers from MWL Financial Services for giving clients unsuitable superannuation advice involving the Shield Master Fund.
Mr Rocco D’Amelio,
Banned by ASIC for 7 years from the 18th of July 2025.
Authorised by MWL from 5 June 2017 to 30 September 2022,
and authorised by MWL again from 27 March 2023.
Mr Robert Crossing,
Banned by ASIC for 6 years from the 18th of July 2025.
Authorised by MWL from 20 November 2018 to 22 May 2025.
ASIC found both Mr D’Amelio and Mr Crossing recommended clients invest the majority of their superannuation into the High Growth or Growth classes of the Shield Master Fund. These were high-risk options with very limited trading history. Their Statements of Advice also included false or misleading claims, by suggesting Shield had a superior performance record compared to other funds, when in fact it had only existed for a short time.
ASIC determined neither adviser was a fit and proper person. They also determined that Mr Rocco D’Amelio and Mr Robert Crossing were not adequately trained or competent and are likely to breach a financial services law.
The bannings have been recorded on ASICs Banned and Disqualified Register.
This information is based on the ASIC Media Release (25-146MR) from the 24th of July 2025 and is correct at the time of publishing.
If you have suffered financial loss as a result of inappropriate advice given by either Mr Rocco D’Amelio or Mr Robert Crossing, we can help you with the AFCA process.
More information about the Shield Master Fund
In February 2024, ASIC halted new investment offers into the Shield Master Fund by issuing stop orders on multiple product disclosure statements. Since February 2022, over $480 million has been invested in the Shield Master Fund by more than 5,800 consumers, mostly through superannuation platforms managed by Macquarie and Equity Trustees.
Then, in June of 2024, ASIC moved to secure the assets within Shield Master Fund. ASIC sought orders to preserve these assets so that they may be recovered, as far as possible, for the benefit of the investors.
ASIC is still investigating the situation surrounding the Shield Master Fund, including the responsible entity (Keystone Asset Management Ltd), its directors, trustees, lead generators, and advisers.
