ASIC obtains court orders to stop a Tasmanian director providing unlicensed financial advice.
ASIC has restrained a Tasmanian-based company and its director from providing financial product advice for a 10 year period.
The Federal Court of Australia in Melbourne made final orders this week by consent to restrain Oxford Investments Tasmania and its sole director Steven Nigel Moore from carrying on any business of providing financial product advice for 10 years.
The Court declared that between January 2004 and March 2006, Oxford Investments and Moore provided financial product advice without holding the necessary Australian financial services licence.
This advice was given to at least 14 members of the public during training courses conducted by the defendants.
The Court also found that between April 2003 and December 2004, Oxford Investments and Moore engaged in misleading and deceptive conduct in relation to financial services contrary to the ASIC Act 2001.
"The Court has found that the business conducted by Oxford Investments and Mr Moore constituted the provision of financial product advice and that some of the people who received and paid for this advice were misled," ASIC executive director of enforcement Jan Redfern said.
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