The Australian Securities and Investments Commission (ASIC) has banned two advisers formerly part of MWL Financial Services for their involvement in the operations of the Shield Master Fund.
Specifically, Rocco D’Amelio has been disqualified from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for a period of seven years, while Robert Crossing has had the same sanctions imposed on him for a six-year period.
Both punitive actions are effective from 18 July 2025.
ASIC issued the bans after it found each individual provided advice that was not in the best interest of their clients through the recommendation to invest the majority of their superannuation monies into the high-growth class or the growth class of the Shield Master Fund, both of which carried a significant level of risk.
Further, the corporate regulator determined both practitioners provided statements of advice to clients that included false and misleading claims.
To this end, clients were told they would enjoy better returns from their retirement savings by investing in the Shield Master Fund, supporting this with assertions the product in question had a higher-performing track record against other super funds when it had only been in existence for a short period of time.
In addition, ASIC expressed its belief neither D’Amelio or Crossing is a fit and proper person nor adequately trained or competent and are likely to contravene a financial services law in the future.
Both individuals have the right to appeal to the Administrative Appeals Tribunal against ASIC’s decision.
The banning come after similar action was taken against Matthew Simon Bradley and Isaac Jacob McQueen earlier this month.
ASIC began looking into the inflows of the Shield Master Fund late last year.
