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Thursday 17 October 2013

13-282MR ASIC bans businessman ‘Aussie Rob’

ASIC has banned Robert Lloyd Wilson from providing financial services and is warning the public not to deal with the failed businessman.

Mr Wilson, also known as ‘Aussie Rob’, was formerly of Mermaid Waters, Queensland, and was a director of Aussie Rob Financial Services Pty Ltd, Lifestyle Trader Pty Ltd (Trader) and of Lifestyle Investor Services Pty Ltd (LIS). These companies marketed and sold share trading software.

ASIC’s actions follow an investigation into Mr Wilson’s misleading and deceptive conduct in the marketing of the software. ASIC had previously imposed an enforceable undertaking on Trader because Mr Wilson’s claims of up to 120% annual trading returns were misleading and deceptive (refer: 11-161AD).

Mr Wilson, who does not hold an Australian financial services (AFS) licence and is not an authorised representative of an AFS licensee, has more recently been promoting fresh currency and share trading ventures, including investment entity Connect Private Wealth and its newsletter providing trade recommendations.

‘Mr Wilson’s unacceptable conduct has led to his banning from the financial services industry. The public should avoid dealing with anyone promoting investment schemes that promise excessive returns, especially if they involve "get rich quick" computer trading systems,’ ASIC Deputy Chairman Peter Kell said.

Mr Wilson’s promotion of a trading program called Aussie Rob’s Lifestyle Trader at seminars and online included red and green lines which were to show ‘when to get in and when to get out’ of trades involving commodities, stocks, foreign exchange and exchange traded funds.

It was claimed the lines were generated by an algorithm (a computer trading strategy) that tracked buyers and sellers in the market and they were not based on moving averages, creating the impression of unrivalled software.

ASIC found the lines were generated by an algorithm based on moving averages of closing prices.

ASIC also found Mr Wilson, as a director of LIS, knowingly made a false statement in a document lodged with ASIC when, as part of an application for the voluntary deregistration of LIS, he said the company had no outstanding liabilities. In fact the company owed more than $10,000 to a customer following a ruling made by the Financial Ombudsman Service (FOS) ruling and there were 21 unresolved disputes lodged with FOS claiming total compensation of more than $191,000.

Mr Wilson has been banned for five years effective 15 October 2013.

 

Background

ASIC has taken several actions against Mr Wilson and his companies (refer: 11-161AD, 12-25AD and 12-71AD).

ASIC wound up Trader in April 2012. Liquidator Gavin Morton has taken steps to locate and recover company assets.

In June 2013 ASIC banned former Lifestyle chief executive Murray Priestley from providing financial advice after finding he engaged in misleading and deceptive conduct (refer: 13-134MR).

Last updated: 17/10/2013 12:00