Regulatory Alerts2025-10-21
ASIC bans financial adviser Wade Spooner for 8 years over inappropriate Shield Master Fund advice
The Australian Securities and Investments Commission has banned former MWL financial adviser Wade Spooner for eight years after finding he provided inappropriate and misleading advice regarding the high-risk Shield Master Fund. ASIC determined that Spooner was not a fit and proper person because he recommended clients invest heavily in Shield despite its limited trading history and falsely claimed superior performance track records. The banning order took effect on 25 July 2025, coinciding with ongoing investigations into the fund and related advisers amid concerns over over $480 million in consumer investments.
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