ASIC Media Releases

Former Financial Adviser Rhys Reilly Banned 10 Years, Conexus Group AFS Licence Suspended

ASIC banned former financial adviser Rhys James Rolls Reilly for 10 years and suspended Conexus Group Pty Ltd's AFS licence until 31 July 2026. ASIC found Reilly accepted $100,000 in conflicted remuneration, made false or misleading statements to clients, and recommended unsuitable investments in First Guardian and Shield Master Funds. The enforcement actions took effect 8 April 2026.

Shane Monte Silva Banned Five Years Over Advice Failures

ASIC banned former financial adviser Shane Monte Silva from the financial services industry for five years for failing to act in clients' best interests. Between July and August 2023, while at FSGA (in liquidation), he advised five clients to switch superannuation funds to high-risk schemes including Shield and First Guardian. The banning order took effect from 11 December 2025.

ASIC Suspends AFS Licence of Oscar Oliver Capital Ltd for Four Months

ASIC suspended the AFS licence of Oscar Oliver Capital Ltd for a period of four months until 31 July 2026. The suspension was imposed under s915B(3)(a) of the Corporations Act 2001 after ASIC found the company had ceased carrying on its financial services business since 2 July 2023. The suspension has been recorded on ASIC's Professional Registers.

EOS pays $4m penalty for 14-week continuous disclosure breach

The Federal Court of Australia ordered ASX-listed defence manufacturer Electro Optic Systems Holdings Limited (EOS) to pay a $4 million pecuniary penalty for breaching continuous disclosure obligations under section 674A(2) of the Corporations Act. EOS failed to disclose a material revenue downgrade from the stated $212.3 million forecast to approximately $164 million for approximately 14 weeks (July 25 to October 31, 2022). ASIC Chair Joe Longo stated the outcome reinforces that timely and accurate disclosure is fundamental to market integrity and investor confidence.

ASIC Cancels AFS Licence of The Silverfern Group Pty Ltd

ASIC has cancelled the Australian Financial Services (AFS) licence of The Silverfern Group Pty Ltd (AFSL 382641) with the entity's consent. The cancellation followed ASIC enquiries regarding non-compliance with statutory reporting, audit requirements and failure to pay ASIC fees. Silverfern resolved its compliance issues prior to the cancellation taking effect.

ASIC removes 11,964 scam websites in 2025, 90% increase

ASIC coordinated the removal of 11,964 phishing and investment scam websites in 2025, representing a 90% increase from 6,270 removals in 2024. The regulator also removed 1,100+ online investment scam advertisements on social media. Australians lost $2.18 billion to scams in 2025, with investment scams accounting for $837.7 million in losses.

Former ISG Director Benjamin Godfrey Banned for 10 Years

ASIC has banned Benjamin Godfrey, former director and responsible manager of ISG Financial Services Limited (in liquidation), from providing financial services, controlling a financial services entity, or performing any function involved in carrying on a financial services business for 10 years under sections 920A and 920B of the Corporations Act 2001. The ban takes effect on 31 March 2026.

ASIC seeks appointment of receiver to investigate proposed sale of Interprac Financial Planning

ASIC has commenced Federal Court proceedings seeking appointment of a receiver to investigate the proposed $50,000 sale of Interprac Financial Planning Pty Ltd by Sequoia Wealth Group to Conquest Investment Partners. The regulator is concerned the sale may adversely affect creditors, including approximately 911 open AFCA complaints related to collapsed Shield and First Guardian Master Funds. ASIC seeks to investigate whether the sale is bona fide and Interprac's solvency before Sequoia is released from cross-guarantee obligations.

Financial Adviser Banned for Inappropriate Superannuation Advice

ASIC banned Melbourne-based financial adviser David Lofthouse from providing financial services for three years after finding he gave inappropriate advice to six clients. While authorized by MWL Financial Services Pty Ltd, Lofthouse advised clients to invest at least 75% of their superannuation into the Shield Master Fund, a new product with no track record and conflicted governance.

Binance Australia Derivatives fined $10 million for onboarding failures

The Federal Court has ordered Binance Australia Derivatives to pay a $10 million penalty for significant failures in client onboarding and staff training. These failures led to over 85% of its Australian client base being misclassified as wholesale clients, exposing 524 retail investors to high-risk crypto derivative products without required protections, resulting in over $12 million in client losses and fees.