The Australian Securities and Investments Commission (ASIC) has banned former MWL financial adviser Raluca Terheci for six years due to advice she gave relating to the Shield Master Fund.
Terheci has been banned from providing financial services, controlling an entity that carries on a financial services business and performing any function involved in the carrying on of such a business.
She was authorised by MWL from 1 June 2022 to 23 December 2024. The regulator found advice she provided to clients during this period to invest most of their superannuation into the high-growth or growth class of the Shield Master Fund was not in their best interests.
ASIC also found her statements of advice to her clients were false and misleading. To this end, it was determined these statements implied the clients would have better returns by investing their superannuation in Shield.
The statements of advice also indicated Shield had generated returns and outperformed alternatives since 2017, which was factually incorrect given the master fund was only operational from May 2021.
“ASIC has reason to believe that Ms Terheci is not a fit and proper person, is not adequately trained or competent and is likely to contravene a financial services law,” the regulator said in a statement announcing her banning.
The banning took effect from 25 July 2025, however, Terheci had appealed to the Administrative Review Tribunal to have the decision reassessed and also applied for a stay and confidentially orders. Those orders were dismissed on 3 March 2026 with a date for the substantive review application yet to be set.
Terheci is at least the eighth MWL financial adviser to be banned for advice regarding the Shield Master Fund, along with one of its directors and a responsible manager. ASIC has also commenced proceedings against MWL and former MWL director Nicholas Maikousis for dealings relating to the collapsed financial product.
The failed Shield Master Fund has had new offers of investments halted since February 2024 when ASIC issued interim stop orders on four product disclosure statements for the investment vehicle.
