Cor Cordis appointed to MWL Financial Group after ASIC cancels licence and issues multiple bans

Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed voluntary administrators of MWL Accounting Pty Ltd, MWL Financial Services Pty Ltd and MWL Financial Group Pty Ltd on 25 September 2025, weeks after the Australian Securities and Investments Commission (ASIC) issued sweeping bans against senior executives and advisers of the group and cancelled MWL Financial Services’ Australian Financial Services licence.

MWL Financial Services, once part of a Brisbane-based wealth and accounting network, had been under ASIC investigation for more than a year over advice practices linked to the Shield Master Fund, a high-risk investment vehicle now at the centre of multiple enforcement actions. ASIC found MWL and several of its authorised representatives provided misleading and inappropriate advice, urging clients—many of them superannuation investors—to switch large portions of their retirement savings into Shield despite its limited trading history and high risk profile. ASIC described MWL’s conduct as part of a “low-cost advice project” that paid referral bonuses to lead generators and failed to manage conflicts of interest. Between 2021 and early 2024, MWL advisers recommended Shield to more than 750 clients, who collectively invested around $155 million.

The regulator’s findings led to 10-year bans for managing director Nicholas Maikousis and compliance manager Robert Tohill, who were found to have failed in their gatekeeper duties, and seven- and six-year bans for advisers Rocco D’Amelio and Robert Crossing. Earlier bans had been issued to advisers Isaac McQueen (four years) and Matthew Bradley (eight years). ASIC also cancelled MWL’s Australian Financial Services licence in late August.