ASIC bans Funds United Pty director for six years

Rick Steves

The six-year ban will prevent Ms. Hutchinson from controlling an entity that carries on a financial services business, and performing any function within the industry.

ASIC has banned Sharree Grace Hutchinson, Perth-based director of Funds United Pty Ltd, after she demonstrated a lack of professionalism and judgement required of a participant in the financial services industry, the regulator announced.

The ban, which will last for six years, addresses the financial watchdog’s findings that between December 2020 and January 2021, Sharree Grace Hutchinson contacted investors in the First Guardian Master Fund and suggested they roll their investments from the Chiodo Diversified Property Development Class to the Australian Opportunities Class (AOC).

Such misconducted included:

  • misused personal information about investors by contacting them when she was not in a role that allowed her to do so;
    used logos of entities without their permission which was likely to create a misleading impression that she had their authority to contact investors;
  • made misleading statements to investors about fund performance and land valuations;
  • created a document containing information relating to the AOC and distributed it to investors, giving them the impression that it had been approved by the fund’s management;
  • made misleading representations to investors about waiving her own fees if they took up the offer, in circumstances where she was not entitled to charge a fee and never charged fees to investors; and
  • made misleading representations to investors that there were only limited spots available, creating an appearance of urgency.
    Following the above conduct, Ms Hutchinson went on to become an authorised representative of an Australian Financial Service licensee, United Global Capital Pty Ltd. Between October 2021 and April 2022, she contacted two investors about potential returns by rolling over their investments, without providing meaningful comparisons of the investments. Ms Hutchinson also made representations about the need to act quickly and offered to waive her fees if the investors rolled over their investments.

The six-year ban will prevent Ms Hutchinson from controlling an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor, or in some other capacity). The former director can still appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Read this next

Industry News

Exness Crowned as Best Global Multi-asset Broker at Forex Expo Dubai 2023

Cyprus-based Exness garners top honors at the Forex Expo Dubai, solidifying its esteemed position in the global financial arena.

Retail FX

Scope Markets doubles down on Middle East: AED accounts ahead of GCC Equity CFDs

“To bolster our footprint in this thriving ecosystem, it was a strategic imperative to integrate AED accounts and introduce a slew of CFD equities reflecting the GCC landscape. This not only appeases the domestic audience but also beckons international investors aspiring to delve into these dynamic markets.”

Market News

Navigating the Complex World of Central Banks: Inflation, Rates, and Economic Growth

Inflation continues to loom large over both European households and businesses, leaving central banks in the region grappling with a prolonged battle to reach their target levels.

Institutional FX

QUODD partners with Blue Ocean for real-time after-hours market data

“Investors are increasingly global, and market data providers like QUODD are facilitating access to data that enables global traders to invest in US markets. Partnering with top-tier fintech providers like QUODD allows Blue Ocean to extend its reach to a new demographic of investors.”

Retail FX

Moomoo Canada launches pro-level tools, free Level 2 data, and affordable US stock trading

“Being a real social trading platform in Canada, we cultivate a unique ecosystem helping our users grow… The world is eager to hear the voice of Canadian individual investors, and we look forward to more contributions from Canadian investors in our moo community.”

Industry News

CFTC sues Patrick Wonsey for $3.4 million FX and binary options scam

Wonsey allegedly diverted these monies for personal use and orchestrated payouts to other pool participants, mirroring a classic Ponzi scheme.

Digital Assets

MoneyGram to launch non-custodial digital wallet

“In collaboration with SDF, MoneyGram has been working towards creating equitable access to the global financial system. With the introduction of this non-custodial digital wallet, we are further emphasizing our commitment to providing consumers with a bridge to the digital economy while upholding our brand’s integrity for speed, efficiency, and trust.”

Digital Assets

Binance exits Russia as part of crypto exchange’s compliance strategy

“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy. We remain confident in the long-term growth of the web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”


ECNG Digital taps iDenfy for AI-driven ID verification for user onboarding

“In the realm of virtual currency exchange and payment services, the real challenge lies in balancing fraud prevention with swift identity verification. Our mission is to guide ECNG Digital on this path, ensuring precision while accelerating understanding.”