An Auckland man who did not tell his clients he was keeping up to half their investment funds as commissions has been banned from providing financial services in Australia.
Geoffrey Woodcock promoted alternative investments in Australia between 2011 and 2013, through his companies Capital Alternatives and Velvet Assets.
But the Australian regulator, ASIC, said he did so without the required financial services licence, and did not tell clients he would keep 45% of their money as commission.
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