Financial advisers in court

FINANCIAL advisers Gregory Clements and Neil Charles Manning have appeared in the Perth Magistrates Court on criminal charges brought by the Australian Securities and Investments Commission over investments totalling around $1.5 million. ASIC alleges the pair knowingly provided financial advice on behalf of Malaysian company EC Trust Co without holding an Australian financial services licence. An ASIC investigation found that at least 17 investors from Western Australia had made ‘debenture’ investments in or through EC Trust Co with claimed returns exceeding 50 per cent and a minimum guaranteed return of 9 per cent.

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