Cold callers often contact households, posing as investment professionals like stock brokers or financial advisers. They will talk to you about legitimate investments, such as your superannuation, share portfolios, mortgages and real estate. This feigns legitimacy, and convinces people they are a trustworthy financial services organisation. The scammers claim their offer is low-risk, with high-returns through investments in overseas countries, foreign currency trading or options trading.

One of the best things to be able to avoid an investment scam, is to know what to look out for. This blog discusses the four major warning signs, that your’'e being scammed! If you receive contact promising any of the below, be extra cautious, and contact ACCC if you are unsure.

The charges follow an ASIC investigation into Mr Goel’s conduct when dealing with potentially vulnerable consumers in relation to their superannuation. ASIC further alleges that Mr Goel acted dishonestly in relation to hardship and other applications to superannuation funds on behalf of his customers.

So far in 2021, there has been over 20,000 reports of scams throughout Australia, with almost $23 million in losses. These numbers are shocking, considering we are only half way through the year.

OnePath Life will remediate up to $35 million to more than 40,000 life insurance customers who were sold products over the phone between 2010 and 2016, the corporate regulator announced today.

Westpac will pay around $87 million in compensation to about 32,000 customers whose financial advisers failed to notify them of market-sensitive information about their shareholdings over a fourteen-year period.

ASIC has banned Hobart-based, former Meritum Financial Group and InterPrac Financial Planning adviser, Hannah Jennings from providing financial services, carrying on a financial services business and controlling an entity that carries on a financial services business for four years.

On 11 June 2017, Mr Hutchison was permanently banned by ASIC from providing financial services (17-188MR). ASIC had found that between January 2011 and November 2012, as a financial adviser and authorised representative of RI Advice Group Pty Ltd (RI Advice), Mr Hutchison acted dishonestly.

Brisbane-based former financial adviser Nathan Smith has been banned from providing financial services for three years.

ASIC claimed that “AMP companies received over $500,000 in insurance premiums from the superannuation accounts of deceased customers, with at least $350,000 charged between May 2015 and August 2019.”

“Additionally, it is alleged that the AMP companies received over $100,000 in advice fees from deceased customer accounts, with at least $75,000 being charged between May 2015 and August 2019.”

Killara financial planner and the sole director of QWL, Ross Hopkins, has been sentenced by the District Court of New South Wales to a maximum period of six years’ imprisonment after having been convicted of 15 dishonesty offences under the Corporations Act.

Equiti FS breached the Corporations Act when its employed advisers gave financial advice on 12 occasions that was not in their clients’ best interests and was not appropriate for their clients.

Each advice contained a recommendation to establish an SMSF, purchase a property through the SMSF and borrow funds in order to do so.

Former authorised representative for Australian Unity, Christopher Chan, has been banned for five years by the Australian Securities and Investments Commission (ASIC) for misleading clients about MySuper opt-outs.

Financial advisers must not engage in misleading conduct in connection with financial products or services. Financial advisers must also prioritise their clients’ interests when providing personal advice. ASIC may ban an adviser if they lack the necessary competence to provide financial services.

Between 11 November 2016 and 13 October 2017, Mr Saad obtained $1,531,925 from Nulis on behalf of 168 clients. Between 11 August 2017 and 11 October 2017, Mr Saad attempted to obtain a further $92,400 on behalf of 10 clients.

ASIC said that its “increased resourcing” had allowed it to drive a 36 per cent increase in the number of criminal proceedings and a 64 per cent increase in civil penalty proceedings commenced since 2018.

ASIC found that Mr Nizi Bhandari acted dishonestly while assisting consumers to find and consolidate their superannuation and obtain hardship payments. This included instances where Mr Bhandari told consumers to make false statements to their superannuation fund trustees in order to gain early access to their superannuation balances.

Former financial adviser, Mr Ezzat-Daniel Nesseim, of Gordon NSW, has been charged with sixteen offences, including dishonest conduct, fabricating evidence and providing false information to ASIC.