ASIC bans property wealth coach operating without licence

ASIC has permanently banned Queensland property developer Trent Simon Giumelli from providing financial services after he raised $48 million from members for real estate wealth coaching programs without a financial services licence.

ASIC has accused him of serious incompetence and irresponsibility, a disregard for the law, and a lack of fairness, professionalism and trustworthiness.

ASIC said Giumelli contravened the law by operating unregistered managed investment schemes (MIS) and carrying on a financial services business without an Australian financial services license (AFSL) for eight years. He invested the finances raised across 27 projects.

Between November 2024 and August 2025, Giumelli was an authorised representative of Wicklow Fund Services. He has also been an authorised representative of Wholesale Securities since October 2025.

ASIC said Giumelli has not complied with financial services laws, and that it had reason to believe that he is not adequately trained or competent and is likely to contravene financial services laws.

Giumelli's ban took effect on May 6 and he has been recorded under ASIC's banned and disqualified register.

He is banned for life from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business.

ASIC said Giumelli has the right to appeal to the Administrative Review Tribunal for a review of its decision.

ASIC data shows the corporate watchdog received 9686 reports of misconduct and raised 13,036 issues in the six months to December 2025.

Financial services and retail investor issues totalled 44%, relating to credit issues, general licence obligations, unregistered managed investment schemes, unlicensed provision of financial services conduct, and other conduct related to advice, insurance, and misleading and deceptive or unconscionable behaviour.

Treasury has also opened a review into the $2 trillion MIS sector off the back of the Shield Master Fund and First Guardian Master Fund collapses.

A new MIS regulatory framework will have stricter compliance plan requirements, such as a detailed description of the nature of the MIS and its investment strategy, and information outlining how significant risks will be identified, monitored and managed.