Regulatory Alerts2026-05-08
ASIC permanently bans Queensland property developer Trent Giumelli from financial services
The Australian Securities and Investments Commission has permanently banned property developer Trent Giumelli from providing financial services after finding he operated unregistered managed investment schemes and raised approximately $48 million without an Australian financial services license. The regulator determined that Giumelli demonstrated serious incompetence, a disregard for the law, and a lack of trustworthiness, leading to a ban that prohibits him from performing any function in a financial services business or controlling such an entity. The banning order takes effect on 6 May 2026, and Giumelli retains the right to appeal the decision to the Administrative Review Tribunal.
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