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Unlicensed adviser given permanent ban

Unlicensed adviser given permanent ban

A financial adviser who was found to be giving bad advice to clients, and had been doing so without a licence, has been permanently banned from any financial services or credit activities by ASIC.

Senen Pousa is the former director of Investment Intelligence Corporation (IIC).

Back in July 2012, ASIC froze more than $3 million in funds held by the company and obtained a court order barring Mr Pousa from leaving the country as part of its investigation into the unlicensed activity.

ASIC determined that Mr Pousa and ICC charged clients between $3,000 and $5,000 for product recommendations.

That was despite the financial product being recommended was generating what the regulator called “significant losses” to investors and has led to criminal charges being filed against two people in The Netherlands.

Media reports from the time suggest US authorities also became involved, accusing Mr Pousa of raising in excess of $53 million from investors through false claims about foreign exchange trading.

The Australian regulator began both civil and criminal proceedings against both Mr Pousa and ICC.

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In April this year, Mr Pousa was given a 12-month suspended jail sentence after pleading guilty to one charge of aiding and abetting his company to provide financial services without holding the required licence.

ICC was wound up in 2014.

ASIC noted that Mr Pousa has the right to appeal the lifetime ban in the Administrative Appeals Tribunal.

 

Unlicensed adviser given permanent ban
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