The regulator found that between November 2011 and October 2013, Mr Woodcock had promoted a number of Australian alternative investments through his companies, Capital Alternatives and Velvet Assets.
Neither of these companies, nor Mr Woodcock himself, held an AFSL during this time, contravening the Corporations Act, ASIC said.
Mr Woodcock was also found to have “personally induced clients to invest by failing to disclose that around 40 to 45 per cent of the money invested would be retained as commission”, ASIC said.
“The Australian financial services licensing regime provides safeguards; consumers should not invest with a person or entity in Australia unless they are authorised by, or hold, an AFS licence,” ASIC commissoner Greg Tanzer said.
Mr Woodcock has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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