Mr Joshua David Fuoco of Prahran, Victoria has been banned from providing financial services for five years by ASIC.

This follows an investigation by ASIC into the Dollarforce Group of companies, in particular Elite Equities Limited (Elite) and Mr Fuoco. Between 23 February 2005 and 11 November 2008, Mr Fuoco was an authorised representative of Elite, a financial planning business associated with the Dollarforce Group.

ASIC’s investigation found that between July 2005 and September 2007, Mr Fuoco recommended various financial products offered by companies in the Dollarforce Group to clients of Elite. In some cases Mr Fuoco did not have a reasonable basis for the advice he gave and engaged in misleading and deceptive conduct. Mr Fuoco also provided clients with defective disclosure documents which failed to disclose details of his and Elite’s remuneration and various interests and associations that may have affected the advice he gave.

Further details are available at ASIC.