The Australian Securities and Investments Commission (ASIC) has banned Melbourne-based financial adviser Wade Lance Spooner, of MWL Financial Services Pty – which is in administration – from providing financial services for eight years.
ASIC found that Spooner gave inappropriate advice to some clients, including investing most of their superannuation into the high growth class and growth class of the Shield Master Fund, which were considered high risk investments. Shield also had a limited trading history.
The regulator also found that Spooner advised clients with false and misleading statements, implying that they would enjoy better returns by investing their superannuation into Shield, including saying that Shield had a higher performing track record against other super funds, despite it having only existed for a short period.
He was banned effective from 25 July 2025. ASIC is asking clients of the firm to lodge a complaint with the regulator by 25 August 2026.
