ASIC bans adviser

THE Australian Securities and Investments Commission has banned Darren Horner from acting as an investment adviser for a period of three years.

The ban follows an investigation by ASIC into the operations of Perth-based Securinvest Accounting Services.

Secureinvest promoted and sold interests in tax-effective investment schemes, which allowed investors to borrow the entire amount of the investment and repay the loan from an anticipated tax return.

ASIC found that Mr Horner made statements to investors which were false and misleading to secure the sale of securities, and that he represented himself as a representative of a securities business that was not licensed.

Following a ruling by the Australian Tax Office that disallowed deductions on these investments, many of Mr Horner’s clients, numbering more than 700, were required to return tax refunds to the ATO and to repay loans from financiers related to the investment.

Several of these investors have won compensation against the principals behind Securinvest.

These claims are currently being quantified by the Supreme Court of Queensland.