media release (23-158MR)

ASIC bans director from providing financial services for eight years


ASIC has banned the director of Foxi Capital AU Pty Ltd and authorised representative of Responsible Entity Services Ltd, Shaun Fox from providing financial services and being involved in carrying on such a business for a period of eight years.

In November 2020, Mr Fox set up RAIC Pty Ltd, now known as Foxi Capital AU, where he offered consumers investment opportunities, including units in the Pleasure Point Mine Unit Trust and Plazrok Investor Trust. Mr Fox also offered consumers the opportunity to invest in various property developments through the Retirement and Investment Centre and RAIC Capital.

ASIC found Mr Fox contravened financial services laws by making false and misleading statements and engaging in misleading and deceptive conduct in relation to financial products.

Mr Fox represented to several investors that they could roll over their investments in older property schemes into the Pleasure Point Mine Unit Trust, on similar terms to their existing investment. Investors that accepted the offer did not receive certificates or appear on the Unitholder Register.

Additionally, Mr Fox represented that he had gifted investors equity through shares in Pleasure Point Mine Pty Ltd. Investors did not appear on the Pleasure Point Mine Pty Ltd Shareholder Register and did not receive share certificates.

ASIC found Mr Fox was not a fit and proper person to engage in financial services, was likely to contravene financial services laws and was not adequately trained or competent to provide financial services. The findings were based on the following:

  • Mr Fox’s lack of formal qualifications and industry experience;
  • misrepresentations made by Mr Fox to potential investors about authorisations held by various entities;
  • Mr Fox’s track record of incomplete and unsuccessful investment offerings;
  • Mr Fox’s misuse of Plazrok Investor Trust funds, and
  • misrepresentations made by Mr Fox to ASIC.

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

Mr Fox’s banning is recorded on ASIC’s banned and disqualified register.


Between 2017 and 2018, Mr Fox offered several property investments including the Victoria Bundamba Investment Unit Trust, the Blackstone Victoria Group Unit Trust and the Riverview Development Loan Trust (also known as the Child Street Property Trust).

All of the investments expired without the investors receiving their return of capital.

Editor's Note:

On 3 July 2023, Mr Fox lodged an application for review of ASIC’s decision with the Administrative Appeals Tribunal. ASIC was notified of the application for review on 4 July 2023.

Media enquiries: Contact ASIC Media Unit