The company was slapped with the banned after ASIC found it made false or misleading statements to clients, regarding its foreign exchanging trading platform, 'FX Calibre'.
Apple claimed the platform had the potential to generate 6 per cent returns a month based on historical performance, when the basis for the claims were simulated returns on a demonstration account that was not FX Calibre.
ASIC also found that the company told clients that they could invest in Apple's managed discretionary account despite not being authorised to offer one.
ASIC Commissioner Peter Kell said Apple Investment Company showed blatant disregard for financial services laws and specifically, the requirement to provide accurate information to consumers.
"ASIC wants investors to participate in the financial system with confidence. The provision of misleading information to clients by Apple erodes this confidence," Mr Kell said.
Furthermore ASIC has also banned Adelaide-based financial adviser, Alec Khoo from providing financial services for the next three years.
Mr Khoo was an authorised representative of Professional Investment Services Pty Ltd and provided financial advice to clients of his business, Alec Khoo & Associates.
ASIC found that Mr Khoo failed to have a reasonable basis for advice that clients borrow funds through a margin lending facility and invest a substantial portion of those funds in cash investments for up to three years.
His advice resulted in a significant portion of the clients' investment portfolio making a loss as the interest paid on the borrowed funds was higher than the interest earned on the cash investments.
An ASIC investigation also found that Mr Khoo failed to provide statements of advice to clients when required.
