ASIC banned Skynet Financial Services for misleading Customers

The Australian Securities and Investments Commission (ASIC) has banned Skynet Financial Services from providing financial advice to clients on Friday. The ban comes after an investigation by ASIC found that Skynet had failed to comply with financial services laws and had engaged in misleading and deceptive conduct.

Skynet Financial Services had been providing financial advice to clients since 2015. However, ASIC found that the company had failed to provide appropriate advice to clients and had engaged in misleading and deceptive conduct.ASIC discovered that Director of Skynet Financial Services Pty Ltd, Terence Rio Nugara used Investor's funds for his personal purposes, including to pay off his own debts. ASIC also detected that Mr. Nugara falsely represented to investors that investing in these property developments would generate them significant returns.

Mr. Nugara did not respond to ASIC‘s allegations. At Present He is in custody after being arrested by Victoria Police in October 2022 .Still Mr. Nugara can appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

ASIC has stated that it is committed to ensuring that financial advisers comply with the law and provide appropriate advice to clients. The ban on Skynet Financial Services is a reminder to all financial advisers that they must act in the best interests of their clients and comply with financial services laws.

To expand your knowledge and stay informed about the forex market. Download Wikifx app on your phones. Here is the

Link to the download: https://www.wikifx.com/en/download.html