ASIC found he contravened the law by running unregistered managed investment schemes and conducting a financial services business without an Australian financial services licence over an eight-year period, raising approximately $48 million from members of the public across 27 projects. The regulator concluded that Giumelli had not complied with financial services laws and that there were grounds to believe he was not adequately trained or competent, and was likely to breach those laws again.
The banning order, which took effect on 6 May, prevents Giumelli from providing any financial services, performing any function in the carrying on of a financial services business — including as an officer, manager, employee, contractor or in any other capacity — and from controlling an entity that carries on a financial services business.
His name has been recorded on ASIC’s Banned and Disqualified register. Giumelli retains the right to apply to the Administrative Review Tribunal for a review of ASIC’s decision.
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