ASIC Bans Adviser Jovan Videkanic for 7 Years

ASIC has banned Melbourne-based financial adviser Jovan Videkanic from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for seven years.

ASIC found that Mr Videkanic gave inappropriate advice to certain clients which was not in their best interests between July 2020 and February 2024 to:

• establish a self-managed superannuation fund (SMSF), rollover their existing superannuation into the SMSF and invest a significant portion of their retirement savings into the Global Capital Property Fund, a highly speculative investment when he was authorised by United Global Capital Pty Ltd (in liquidation) (UGC), and
• invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund (Shield) which were high risk investments or the Balanced class which was a medium-high risk investment when he was authorised by MWL Financial Services Pty Ltd (Administrators Appointed) (MWL). Shield also had a limited trading history.

ASIC also found that Mr Videkanic's statements of advice to certain clients contained false and misleading statements, implying they would enjoy better returns by investing their superannuation into Shield, including representations that Shield had a higher performing track record against other super funds when Shield had only been in existence for a short period.

Mr Videkanic was also a member of MWL's investment committee.

ASIC has reason to believe that Mr Videkanic is not a fit and proper person, is not competent and is likely to contravene a financial services law.

The banning order took effect from 25 August 2025.

Mr Videkanic's banning has been recorded on the Banned and Disqualified Register.

Background

Mr Videkanic was previously authorised by UGC from July 2020 to February 2022 and authorised by MWL from 7 February 2022.

UGC

ASIC was concerned that UGC and its representatives gave conflicted personal advice to clients, specifically those advised to establish a self-managed superannuation fund (SMSF) and invest in highly speculative investments related to Joel Hewish (UGC's director). This included a company called Global Capital Property Fund Limited (GCPF).

This is despite UGC advisers telling clients they were not receiving personal financial product advice.  

In July 2024, ASIC banned Mr Hewish for 10 years from providing financial services, performing any function involved in carrying on of a financial services business and controlling an entity that carries on a financial services business. ASIC also cancelled the Australian financial services (AFS) licence of Mr Hewish's company, UGC (24-170MR). Mr Hewish appealed to the Administrative Appeals Tribunal for a review of ASIC's decision which was dismissed by the Administrative Review Tribunal (25-160MR).

MWL

On 30 September 2025, ASIC was notified that Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as voluntary administrators of MWL on 29 September 2025.On 25 August 2025, ASIC cancelled MWL's Australian Financial Services licence, banned one of MWL's directors and its responsible manager (25-181MR, 25-180MR). Mr Videkanic is another former MWL financial adviser who has been banned by ASIC in respect of advice provided in relation to Shield (25-127MR, 25-128MR, 25-146MR, 25-243MR).

The day after the banning order took effect on 26 August 2025, Mr Videkanic lodged an application with the Administrative Review Tribunal (ART) seeking a review of ASIC's decision, as well as an application for a stay and confidentiality orders pending the outcome of the ART review. On 17 October 2025, Mr Videkanic withdrew his application for a stay and confidentiality orders in the ART. Mr Videkanic's review application with the ART remains ongoing. In February 2024, ASIC halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield (24-018MR). In June 2024, ASIC took action to secure the assets held within Shield (24-129MR). ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing. ASIC understands that, since February 2022, funds totalling more than $480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited. The investigation to date suggests that potential investors were called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail superannuation fund available on a choice platform and then to invest part or all of their superannuation into Shield. ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd (in liquidation) (the responsible entity for Shield) and its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and the research house.

Consumer information

ASIC has issued a consumer alert warning amid increasing concerns that people are being enticed to invest their retirement savings into complex and risky schemes: 25-120MR Consumer alert. Be super smart, visit ASIC's Moneysmart campaign page.

Stay Updated: ASIC will post important updates about the Shield Master Fund on its dedicated webpage: Shield Master Fund.

ASIC will post important updates about United Global Capital to its dedicated webpage: United Global Capital Pty Ltd (in liquidation)