ASIC permanently bans property developer from financial services
ASIC found he contravened the law by running unregistered managed investment schemes and conducting a financial services business without an Australian financial services licence over an eight-year period, raising approximately $48 million from members of the public across 27 projects. The regulator concluded that Giumelli had not complied with financial services laws and that there were grounds to believe he was not adequately trained or competent, and was likely to breach those laws again. The banning order, which took effect on 6 May, prevents Giumelli from providing any financial services, performing...