Managing Director of Foxi Capital, Shaun Fox, is considering an appeal after the Australian Securities and Investments Commission banned him from the financial services industry.
The decision, made on June 6, prohibits Mr Fox for eight years from providing any financial services, performing one of more functions as an officer of an entity that carries on a financial services business, and controlling an entity that carries on a financial services business.
The decision determined that Mr Fox had not been dishonest but had made statements which misrepresented investor entitlements.
“I am happy that the ASIC Delegate found I had not been dishonest,” said Mr Fox. “However I believe an eight-year ban is excessive and I have instructed my lawyers to prepare an appeal.”
ASIC undertook an investigation of Mr Fox with respect to conduct that dated from 25 September 2017 to 28 November 2022.
Mr Fox acknowledges that he made errors in paperwork, communication with clients and procedure, however he maintained to ASIC that he did not behave dishonestly.
Mr Fox said that following the historical events in ASIC’s investigation he took steps to ensure the mistakes in procedure and communication with clients would not reoccur.
Mr Fox confirmed that through his participation with ASIC’s investigation he has developed a clearer appreciation and understanding of the rigour required to be involved in financial services and the need for clear and unambiguous communication with clients.
