ASIC Bans Adelaide Based Financial Adviser Antonio Simeone for Five Years

ASIC 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), a company which Mr Simeone recommended his clients invest in and borrow money from.

A surveillance by ASIC 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's 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's 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.