ASIC has permanently banned Shane Rose from any involvement in financial services, highlighting his dishonest use of client superannuation funds.
While working for Octillion Partner, from February 2021 to January 2023, Rose recommended investments in a financial product to six self-managed superannuation fund clients, subsequently misappropriating their funds.
“ASIC found that Mr Rose engaged in conduct that was dishonest, by using the client-invested funds for purposes other than which they were given,” the regulator said.
ASIC’s investigation concluded that Rose’s actions displayed “serious incompetence and irresponsibility,” deeming him “not a fit and proper person” for the financial services industry.
“Mr Rose knew funds had been deposited for the purpose of investing in a financial product and that he knowingly and dishonestly applied those funds for purposes other than which they were invested,” the regulator said.
The ban is officially recorded in ASIC’s banned and disqualified register, with Rose retaining the right to appeal the decision.
“Mr Rose has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision,” the corporate watchdog said.
Recently, ASIC reported that the Federal Court of Australia ordered the liquidation of Endeavour Securities and Linchpin Capital Group and their investment funds, the Investport Income Opportunity Fund, for violating the Corporations Act.
Prior to that, in another ASIC-initiated case, the Full Federal Court rejected the appeal of Provide Nominees, operating as Provide Capital, against a previous order to produce documents to the regulator.
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