His actions confirmed “critical incompetence and irresponsibility,” regulator says
ASIC has completely banned Shane Rose from any involvement in monetary providers, highlighting his dishonest use of consumer superannuation funds.
ASIC investigation on Shane Rose
Whereas working for Octillion Companion, from February 2021 to January 2023, Rose really useful investments in a monetary product to 6 self-managed superannuation fund shoppers, subsequently misappropriating their funds.
“ASIC discovered that Mr Rose engaged in conduct that was dishonest, through the use of the client-invested funds for functions aside from which they got,” the regulator mentioned.
ASIC’s investigation concluded that Rose’s actions displayed “critical incompetence and irresponsibility,” deeming him “not a match and correct individual” for the monetary providers business.
“Mr Rose knew funds had been deposited for the aim of investing in a monetary product and that he knowingly and dishonestly utilized these funds for functions aside from which they have been invested,” the regulator mentioned.
Banning recorded and rights to enchantment
The ban is formally recorded in ASIC’s banned and disqualified register, with Rose retaining the best to enchantment the choice.
“Mr Rose has the best to enchantment to the Administrative Appeals Tribunal for a assessment of ASIC’s choice,” the company watchdog mentioned.
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