media release (22-220MR)

ASIC bans West Australian financial services director for six years

Published

ASIC has banned Sharree Grace Hutchinson, Perth-based director of Funds United Pty Ltd, from providing financial services for six years, after she demonstrated a lack of professionalism and judgement required of a participant in the financial services industry.

ASIC found that between December 2020 and January 2021, Ms Hutchinson contacted investors in the First Guardian Master Fund and suggested they roll their investments from the Chiodo Diversified Property Development Class to the Australian Opportunities Class (AOC).

During the course of this misconduct, Ms Hutchinson:

  • misused personal information about investors by contacting them when she was not in a role that allowed her to do so;
  • used logos of entities without their permission which was likely to create a misleading impression that she had their authority to contact investors;
  • made misleading statements to investors about fund performance and land valuations;
  • created a document containing information relating to the AOC and distributed it to investors, giving them the impression that it had been approved by the fund's management;
  • made misleading representations to investors about waiving her own fees if they took up the offer, in circumstances where she was not entitled to charge a fee and never charged fees to investors; and
  • made misleading representations to investors that there were only limited spots available, creating an appearance of urgency.    

Following the above conduct, Ms Hutchinson went on to become an authorised representative of an Australian Financial Service licensee, United Global Capital Pty Ltd. Between October 2021 and April 2022, she contacted two investors about potential returns by rolling over their investments, without providing meaningful comparisons of the investments. Ms Hutchinson also made representations about the need to act quickly and offered to waive her fees if the investors rolled over their investments.

As a result of the banning, Ms Hutchinson is prohibited from controlling an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity).

The banning is recorded on ASIC’s publicly available Banned and Disqualified persons register.

Ms Hutchinson has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Editor's note:

Ms Hutchinson has filed applications in the Administrative Appeals Tribunal in relation to a review of ASIC's decision.

Editor's note 2:

On 12 October 2022, the Administrative Appeals Tribunal dismissed Ms Hutchinson’s applications for a stay and confidentiality orders.

Editor’s note 3:

Ms Hutchinson has withdrawn her applications filed in the Administrative Appeals Tribunal in relation to the review of ASIC’s decision.  

Media enquiries: Contact ASIC Media Unit