The Australian Securities and Investments Commission (ASIC) has permanently banned Skynet Financial Services Pty Ltd director Terence Rio Nugara, of Melbourne, Victoria, from providing financial services.
Mr Nugara was the sole director of Skynet Financial Services from 2009 to 2019. Between 2013 and 2017, Mr Nugara and Skynet Financial Services were authorised and corporate authorised representatives of Financial Services Partners.
ASIC found that Mr Nugara misled his clients into believing they were investing in property developments across Melbourne, when in fact the purported developments did not exist. ASIC also found that Mr Nugara falsely represented to investors that investing in these property developments would generate them significant returns.
Mr Nugara obtained a total of $1.6 million from his clients by advising them…
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