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How they bayonet the dead. Corporate regulator ASIC has hit a financial adviser from the suburbs of Brisbane with a ban for providing financial advice, although he is already in jail. What’s the scam?
“This enforcement action by the regulator is sending shivers down the spines of advisers from the Big 4,” a trusted source told MWM. “At the Big End they are besides themselves, quaking … who’s next?”
David Eduardo Cubilla, a financial adviser from Calamvale in Brisbane and licensed AMP representative, was convicted of fraud last year and sentenced to jail. But the regulator has announced Cubilla will be skewered also with a ban by ASIC. He will no longer be able to provide financial advice from his Boggo Road jail cell.
As a nation awaits the draconian enforcement action against PwC for defrauding the entire country, the Cubilla action against the man from Havana Financial Services in Calamvale has a nation on edge. Who’s next … EY, Deloitte, KPMG or PwC?
Cubillo was diddling people’s superannuation, not the wealth of a whole nation … there is also the matter of police finding child abuse material, which begs the question, do you have to be caught on pedophilia allegations before the financial regulator comes after you?
Or a whistleblower …
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.