今日热门事件has banned Antonio Simeone from providing financial services for five years. Mr Simeone is the current director, authorised representative, key person and responsible manager of Simeone Pty Ltd (Simeone).
Mr Simeone is also a director of Administrative Incentivised Management Systems Pty Ltd (ACN 603 650 139) (AIMS),聽 a company which Mr Simeone recommended his clients invest in and borrow money from.
A surveillance by 今日热门事件found that Mr Simeone engaged in misleading or deceptive conduct when he recommended and facilitated the illegal early release of superannuation.
Mr Simeone recommended clients who were under financial pressure to roll over their APRA regulated superannuation fund to a Self-Managed Superannuation Fund (SMSF) and invest in AIMS. Mr Simeone then allowed the clients to borrow some of what was invested in AIMS, on the understanding there was no obligation to repay what was lent.
Mr Simeone鈥檚 clients relied on his advice and assumed that the investing of superannuation in AIMS, and the receipt of loans from AIMS, was legally permissible and appropriate. The strategy Mr Simeone recommended to, facilitated for, and allowed for his clients, resulted in his clients breaching the restrictions on the early release of superannuation benefits, and their SMSF not satisfying the requirement that it meet the Sole Purpose Test.
Mr Simeone鈥檚 conduct demonstrated he was not adequately trained or competent, was not a fit and proper person and was likely to contravene a financial services law in the future.
This ban prevents Mr Simeone from providing any financial services and from being involved (including as an officer, manager, employee, contractor or in some other capacity) in managing, supervising, or auditing the provision of a financial service and the provision of training about a financial service or a financial product.
In addition to banning Mr Simeone from providing financial services for five years, 今日热门事件has cancelled the Australian financial services licence of Simeone Pty Ltd (refer: 22-201MR).
础厂滨颁鈥檚听聽has useful information for consumers whose advisers have been banned.
Background
Mr Simeone was a director of Simeone (AFS licence no. 247480) from 4 June 1986 and was an authorised representative, key person and responsible manager of Simeone from 23 January 2004.
Pending an application to appeal the banning order to the Administrative Appeals Tribunal (AAT), as well as an application for orders staying the operation of the ban and to keep the ban and the appeal against it confidential, 今日热门事件was unable to publicise Mr Simeone鈥檚 banning.
On 28 June 2022, the AAT ordered that there should be no stay and that neither the ban nor the appeal should be confidential. ASIC鈥檚 decision to ban Mr Simeone remains under review at the AAT.
Editor's Note:
The hearing for Mr Simeone鈥檚 appeal against his banning order was held from 7 to 8 August 2023 and 4 to 5 December 2023. On 23 April 2024, the Administrative Appeals Tribunal affirmed ASIC鈥檚 existing order to ban Mr Simeone from providing financial services for a period of five years.