ASIC bans director for eight years: Advisor misrepresented investment in property developments.

Former Financial Advisor Shaun Fox and director of Foxi Capital AU Pty Ltd has been banned by ASIC for 8 years from providing financial services.  ASIC found that Mr Fox offered investment opportunities, including units in the Pleasure Point Mine Unit Trust and Plazrok Investor Trust.  Mr Fox represented to several investors that they could roll over their investments in older property schemes into the Pleasure Point Mine Unit Trust, on similar terms to their existing investment. Investors that accepted the offer did not receive certificates or appear on the Unitholder Register.

ASIC found Mr Fox was not a fit and proper person to engage in financial services, was likely to contravene financial services laws and was not adequately trained or competent to provide financial services. The findings were based on the following:

• Mr Fox’s lack of formal qualifications and industry experience;
• misrepresentations made by Mr Fox to potential investors about authorisations held by various entities;
• Mr Fox’s track record of incomplete and unsuccessful investment offerings;
• Mr Fox’s misuse of Plazrok Investor Trust funds, and
• misrepresentations made by Mr Fox to ASIC.

Foxi Capital AU Pty Ltd was formerly an authorised representative of Responsible Entity Services Ltd.

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