The corporate regulator has started civil court proceedings in the Federal Court against Dixon Advisory, alleging it failed to act in its clients’ best interests and provide appropriate advice.
ASIC said the actions related to financial advice given to eight sample clients who were advised to invest in the US Masters Residential Property Fund, or URF, and URF related products.
ASIC alleges there were a total of 51 separate instances of financial advice provided to the eight clients, which resulted in two or more contraventions of best interest duties under the Corporations Act.
The maximum civil penalty against Dixon is $1 million for contraventions prior to March 2019 and $10.5 million after that date.
Since inception:
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(Alan Dixon trousered a few mill < $17.6mill> when he sold his EAF holding and left the register in Aug)
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