The Australian Securities and Investments Commission (ASIC) has permanently banned Darryl Bernard Mason of Prospect, South Australia, and Raymond Michael Dawson of Tea Tree Gully, South Australia, from providing investment advice or dealing in securities.

ASIC banned the two men after finding they had not conducted themselves honestly, fairly and efficiently when marketing investments in sunken treasure schemes associated with Ocean Salvage Corporation Limited.

An ASIC investigation into a number of investment schemes related to Ocean Salvage Corporation Limited shares revealed that sellers of the investments, including Mr Mason and Mr Dawson, provided investors with misleading information about the merits and risks of their proposed investments and often failed to advise investors of the dollar amount of commission they would earn in respect of the investments.

ASIC Regional Commissioner Karen Axford said that the investigation into the sunken treasure schemes was part of ASIC's continuing efforts to help protect investors by ensuring that investment advisers comply with the law and ASIC policies.

'Investment advisers must research any investment opportunity recommended to their clients, ensure that the investment is suitable to their clients' individual needs and be truthful and objective when making representations about each investment', Ms Axford said.

'Investors must also carefully consider their investment decisions, particularly where an investment offers a higher than average return. If you don't understand the basis on which a recommendation is made, ask for more details, and ask about the amount of commission your adviser stands to make.

'People can visit ASIC's consumer web site at www.fido.asic.gov.au or the call the ASIC Infoline on 1300 300 630 to check if their financial adviser has been licensed, or banned, by ASIC', Ms Axford said.