Australian watchdog ASIC has announced yesterday that it has banned Paul Nielsen, a former director of Endeavour Securities (Australia) Ltd and Linchpin Capital Group Ltd, from providing any financial services for a period of five years.
Earlier this year, the regulator obtained orders in the Federal Court against Linchpin and Endeavour for contravening multiple provisions of the Corporations Act while operating two managed investment schemes, both called ‘Investport Income Opportunity Fund’.
According to the regulator, Nielsen failed to act in the best interests of the members of the Investport Income Opportunity Fund, and used his position as an officer of the companies to gain an advantage for other persons and cause detriment to members of the Investport Income Opportunity Fund.
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ASIC bans former director of Linchpin and Endeavour for 5 years was first posted on November 27, 2019 at 1:16 pm.