The Australian Securities and Investments Commission (ASIC) has banned a second Melbourne-based financial advise who worked for MWL Financial Services Pty, over unsuitable advice to invest clients’ superannuation funds into high-risk assets.
Adviser Jovan Videkanic has been banned from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for seven years.
Wade Lance Spooner of MWL was banned for eight years earlier this week.
ASIC said Mr Videkanic gave inappropriate advice to some clients between July 2020 and February 2024 to:
- establish a self-managed superannuation fund (SMSF), rollover their existing superannuation into the SMSF and invest a significant portion of their retirement savings into the Global Capital Property Fund, a highly speculative investment
- invest most of their superannuation into the high growth class or the growth class of the Shield Master Fund, which were high risk investments
ASIC also found that Videkanic’s advice was false and misleading, implying that clients would enjoy better returns by investing their superannuation into Shield, when it had only been in existence for a short time.
