Serial ASIC offender at it again

17-Aug-2017

By Penny Pryor

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A previously banned financial adviser is facing further ASIC proceedings after the regulator successfully added him as a fourth defendant to proceedings against companies he owned.

Joshua Fuoco was originally banned for five years from providing financial services in 2010 and then was disqualified by the corporate regulator from managing companies for two-and-a-half years from 13 May 2016.

Fuoco is the owner of Wealth Risk Management (WRM) and related companies Yes FP and Yes FS, and was a director of those companies until the 2016 banning.

In its proceedings against WRM, Yes FP and Yes FS, ASIC is alleging the defendants breached various provisions of the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001, including the best interests duty and other provisions relating to misleading and deceptive conduct and unconscionable conduct.

ASIC is alleging Fuoco was knowingly involved or concerned in those contraventions, including unconscionable conduct by the three firms, and misleading and deceptive representations by Yes FS, which was also an unlicensed financial services business.

The defendants are now required to file their defence by 13 September and the trial has been postponed until 1 February 2018.

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