Port Phillip Publishing fined $600,000 over misleading article
Online financial publisher Port Phillip Publishing (PPP) and its former director and CEO Kristan Sayce have been fined over a misleading article which promoted an investment strategy allowing consumers to ‘piggyback’ the Australian government’s Future Fund.
PPP agreed to pay a $600,000 penalty to settle the case, brought against the publisher by the Australian Securities and Investments Commission (ASIC) and Sayce was fined $50,000.
Port Phillip Publishing supports itself largely on subscription fees
Kristan Sayce Is also a LinkedIn troll and generally [Edited under Mumbrella’s comment moderation policy]. Good riddance.
He was also shamelessly defending himself in the comments of the original article with support from at least half a dozen sockpuppet accounts.
Sensationalist misleading business model and very scammy.
block every creative from them,
Fantastic news!
It’s about time this lot faced some consequences for their actions.
The fines seem quite fair in retrospect to the code conduct, including all legislative regulations.
“Any misleading and or deceptive advice carried by financial agent/s and or anyone in other areas of public service ought to be accountable in law”.
This is “the ultimate protection to all consumers”, whether or not PPP agrees with or disagrees with the outcome.
PPP is lucky not to be taken via the Court process, and had it lost the case, the consequences would have outweighed the given fines, herein.
And, the worse case scenario if, in fact, PPP had undergone the Supreme Court process may have also denied them their license and those employed by PPP their jobs, in respectively.
This indiscretion ought to be a warning to PPP to appropriately advise their consumers with the utmost duty and care.
And, for a word of advice to the trolls, where this process has raised some concerns to me, as a proposed member, although have yet to agree, I will certainly give PPP the benefit of the doubt, in this instance. As I hope they have learnt their lesson via this particular process.
Regards to all.