Australian regulator ASIC has announced that the unlicensed financial adviser, Mr Senen Pousa, has been permanently banned from providing financial services or engaging in credit activity.
Mr Pousa, the former director of Investment Intelligence Corporation Pty Ltd (IIC) was banned after engaging in unlicensed financial advice. Through IIC, Mr Pousa had advised clients to invest in financial products via on-line webinars and a website, charging between clients between $3,000 and $5,000 for access to his product recommendation. Neither IIC or Mr Pousa held an Australian financial services (AFS) license or any other authorisation to operate a financial services business.
The financial product that Mr Pousa was recommending resulted in significant losses to investors and criminal charges are being pursued against two individuals in the Netherlands by the Dutch Fiscal Police.
ASIC had taken earlier criminal and civil action against Mr Pousa and IIC.
In April 2018, after pleading guilty to one charge of aiding and abetting his company, IIC, to carry on a financial services business without holding an AFS licence, Mr Pousa was sentenced to 12 months imprisonment, suspended on the condition that he be of good behaviour for five years.
In July 2012, ASIC froze more than $3 million in funds held by IIC as part of its investigation and also obtained orders preventing Mr Pousa from leaving the country. ASIC subsequently obtained orders to wind up IIC on just and equitable grounds.
Mr Pousa has the right to seek review of ASIC’s banning decision before the Administrative Appeals Tribunal (AAT).