The Figtree-based boss of a national real estate group has been banned from providing financial services for four years by Australia’s corporate watchdog.
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Ronald Cross is the CEO and a director of Park Trent Properties Group Pty Ltd.
Last year, the Supreme Court of NSW found Park Trent had been unlawfully operating a financial services business for more than five years, by providing advice to clients to purchase investment properties through a self-managed super fund.
ASIC found that, as the key decision maker of Park Trent, Mr Cross was “knowingly involved in Park Trent's contraventions” and was “willing to ignore legal advice and warnings about Park Trent's practices”.
“ASIC's action against Mr Cross shows that we will not hesitate to exclude property spruikers who provide unlicensed financial services from the industry,” ASIC deputy chairman Peter Kell said.
Park Trent has appealed the court decision, with a final hearing on August 31.
Mr Cross can appeal his ban.