The Companies Control Authority in Australia canceled the license of financial services for financial services and its administrative director, Nikolasis, for a period of 10 years after the serious compliance violations related to the Shield Master Fund.
The Australian Securities and Investment Committee (ASIC) found that between 2021 and 2024, MWL has operated the so -called “low -cost advice project” using referrals from your remote path, which prompted more than 750 customers to invest $ 155 million in the shield.
ASIC said that MWL failed to dispose of the best customer interests, and used misleading data for the advice, and had an unannounced reward and referral arrangements.
“The customers who ask for advice from financial advisors should be able to trust that the advice they receive will be in their interest. Failure to manage conflicts has the ability to make consumers provide advice for financial products that may not suit their needs.”
Asik decided that Maikousis was the “driving force” behind the scheme and lacked adequate appreciation of the obligations due by the financial services provider.
He was prevented from providing or controlling any financial services company until 2035.
The MWL license is applied as of September 25, 2025. Asic has ordered the company to stay a member of the Australian Financial Complaints Authority until August 2026, allowing customers to make complaints.
The organizer continues to be investigated in the shield, including procedures against stock trustees due to the failure of the alleged due care. Since 2022, more than 5800 consumers have invested $ 480 million in the fund.