AAT approves ASIC agreement with promoter of non-existent fund

A follow-up to LeapRate’s earlier story about the Australian Investments and Securities Commission (ASIC) banning Paul Duncan, a promoter of ‘Exalt Managed Futures Fund’, which never actually existed…

The Administrative Appeals Tribunal (AAT) has approved an agreement reached between ASIC and Mr Duncan, to ban him from providing financial services. The agreement cuts the term of the ban from four to three years. The ban ends on May 20, 2018.

The ban stems from an ASIC investigation that found Mr Duncan had engaged in misleading and deceptive conduct.

An ASIC investigation has found that Mr Duncan made false or misleading representations that appeared on the website of Active Captial Managers Pty Ltd (ACM) from as early as August 2013 in relation to “Exalt Managed Futures Fund”. Mr Duncan has been the sole director of ACM since February, 2011.

The representations gave the impression that the fund was fully regulated and was trading at low risk whilst generating high returns. In fact, the fund did not exist, nor was it ever in existence, and it did not operate under any financial services licence.

You can view the announcement from ASIC by clicking here.

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