Regulatory Alerts2026-04-23
ASIC bans former MWL financial adviser John Morgan for 5 years
The Australian Securities and Investments Commission has banned former MWL financial adviser John Morgan for five years due to providing inappropriate and misleading advice regarding high-risk Shield Master Fund investments. The regulator found that Morgan's statements of advice falsely implied superior returns and misrepresented the fund's performance history, which was incorrect as the fund had only recently been established. This banning order, effective from 21 October 2025, is recorded on the Banned and Disqualified Register while Morgan applies for a review by the Administrative Review Tribunal.
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