ASIC intervenes on Shield director promoting guaranteed 13 pc returns on new funds

ASIC is seeking Federal Court orders restraining Shield director Paul Chiodo and associates from promoting or raising money for new investment funds, alleging unlicensed financial services, misleading promises of 13% guaranteed returns and the diversion of funds raised from SMSF investors to a Chiodo-controlled company for legal fees, personal expenses and debts connected to Keystone Asset Management’s voluntary administration.

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