'He completely ruined us': Couple loses almost $1m in super through investment with financial adviser

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Paul and Barbara Brann should be enjoying retirement but lost most of their superannuation in a failed investment run by a financial adviser.

Barbara Brann should be enjoying a comfortable retirement but the 72-year-old has to watch every dollar after losing most of her superannuation in a failed investment run by a financial adviser.Financial adviser Lee Robin received a lifetime ban by ASIC in 2015 for misleading and deceptive conductFormer ASIC investigator Niall Coburn says ASIC should take further action against Mr Robin"He nearly killed me," she told 7.30.

That investment now appears to be worthless after Protect Ensure went into liquidation midway through 2015 and Mr Robin received a lifetime ban from the corporate watchdog, ASIC, for misleading and deceptive conduct. The corporate watchdog does not dispute this, and says in a statement it does not advise clients of action taken against their advisers but does put out a media release.

Mr Brann alleged that contact included receiving an email from Mr Robin in October 2018 which said once the liquidation of Protect Ensure was finished they would be repaid."Once this is finalised I will bring back the assets from a third party and revalue and draw against to pay balance of investors back."This has taken alot longer than we strategically planned but we have to ride this out in order for everyone to paid in full.

But Ms Brann alleges that when the sale contract came through they saw Mr Robin was the proposed buyer and they backed out."He said, 'If he's got $100,000 to give you, tell him to give it to you in cash.'"He disputed it was inappropriate for a banned financial adviser to attempt to buy a former client's house after they had sustained significant losses, and did not say how he intended to pay for the home.

However, she was disappointed when the regulator declined to investigate citing a lack of evidence to prove misconduct because advice to sell property, which is not a financial product, is not considered a breach of the ban. "… three of Protect Ensure's most senior financial advisers will be authorised by another Australian financial services licensee," the letter said.

In June 2015 ASIC acted again, this time banning Mr Robin from providing financial services for life.It also discovered Mr Robin had engaged in misleading and deceptive conduct by failing to provide an information memorandum to investors, and properly disclose his client funds would be pooled with other funds in his business.

 

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Sad

Jesus. Have you seen the qualifications & regulation of Financial Advisors? There was a Royal Commission that basically said, if you entrust your money with these people you’re a muppet. The End.

Its called 'Greed' on both sides........

Don’t ever, ever, ever take advice from a Financial Adviser unless you are the financial adviser.

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