Regulatory Alerts2025-11-13
ASIC seeks Federal Court action against MWL Financial Services, Nicholas Maikousis, and Imperial Capital Group over alleged Shield Master Fund advice failures
ASIC has sought leave to commence Federal Court proceedings alleging that MWL Financial Services, its former director Nicholas Maikousis, and lead generator Imperial Capital Group Australia engaged in serious contraventions of the Corporations Act by providing inappropriate advice to invest superannuation into the Shield Master Fund. The regulator alleges that between May 2022 and February 2024, the defendants facilitated the investment of approximately $114 million from at least 556 clients into the high-risk fund through misleading representations and a failure to act in clients' best interests. If granted leave, ASIC will seek civil penalties, declarations, and disqualification orders against the individuals and entities involved in the alleged scheme.