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Abstract：In a recent development, the Australian Securities and Investments Commission (ASIC) has imposed a ban on Shaun Fox, the director of Foxi Capital AU Pty Ltd and an authorized representative of Responsible Entity Services Ltd. The ban prohibits him from providing financial services and engaging in any related business activities for a period of eight years.
In a recent development, the Australian Securities and Investments Commission (ASIC) has imposed a ban on Shaun Fox, the director of Foxi Capital AU Pty Ltd and an authorized representative of Responsible Entity Services Ltd. The ban prohibits him from providing financial services and engaging in any related business activities for a period of eight years.
Shaun Fox, who established RAIC Pty Ltd (now known as Foxi Capital AU) in November 2020, offered investment opportunities to consumers, including units in the Pleasure Point Mine Unit Trust and Plazrok Investor Trust. He also presented consumers with options to invest in various property developments through the Retirement and Investment Centre and RAIC Capital.
ASIC's investigation revealed that Mr. Fox breached financial services laws by making false and misleading statements and engaging in deceptive conduct regarding financial products.
Specifically, Mr. Fox misled several investors by assuring them that they could transfer their investments from older property schemes to the Pleasure Point Mine Unit Trust under similar terms. However, these investors did not receive certificates or appear on the Unitholder Register as promised.
Furthermore, Mr. Fox claimed to have granted investors equity through shares in Pleasure Point Mine Pty Ltd. However, these investors did not appear on the Pleasure Point Mine Pty Ltd Shareholder Register and were not provided with share certificates.
Based on the findings, ASIC concluded that Mr. Fox lacked the necessary qualifications, industry experience, and competence to engage in financial services. The regulatory body also determined that he was likely to contravene financial services laws and identified instances of his misuse of Plazrok Investor Trust funds.
Mr. Fox has the option to appeal ASIC's decision by seeking a review from the Administrative Appeals Tribunal.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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