Australia financial regulator ASIC has banned Mr Ronald Malcom Cross, of Figtree, New South Wales, from providing financial services for a period of 4 years. Mr Cross is the CEO and a director of Park Trent Properties Group Pty Ltd (Park Trent).
On November 27, 2015, further to proceedings issued by ASIC, the Supreme Court of New South Wales found that Park Trent had unlawfully carried on an unlicensed financial services business for over five years by advising clients to purchase investment properties through a self-managed super fund (SMSF).
The Court also permanently restrained Park Trent from providing unlicensed financial product advice to clients regarding SMSFs.
ASIC found that, as the key decision maker of Park Trent, Mr Cross:
• was knowingly involved in Park Trent’s contraventions, making all of its major strategic and business decisions and intended to influence clients to purchase properties through SMSFs; and
• that Mr Cross was willing to ignore legal advice and warnings about Park Trent’s practices, demonstrating that he is likely to contravene financial services laws.
ASIC Deputy Chairman Peter Kell said:
ASIC’s action against Mr Cross shows that we will not hesitate to exclude property spruikers who provide unlicensed financial services from the industry.’