Banned banker in hot water

THE corporate regulator has referred a complaint laid against black-listed financier Mark McIvor for investigation after a Bulletin front-page story exposing his links to a banking club.

In July the Bulletin revealed Mr McIvor – who was permanently banned from providing financial services in 2015 after the collapse of f his Gold Coastbased Equititrust financial empire – was involved in the Hunt i n g t o n Health and Wealth Club, described in an information memorandum as holding the secrets to investment banking.

Mr McIvor (pictured) at the time denied he was offering financial advice and instead said his role was as the club’s marketing agent.

In August, a complaint seen by the Bulletin was laid with ASIC alleging Mr McIvor had breached his lifetime ban through his involvement with the club. The complainant, who asked to remain anonymous, alleged that Mr McIvor was “in effect the shadow director and controlling mind of the scheme in breach of the ASIC banning order”.

“The Website ought to be ordered taken down in the interests of protecting the public as the ASIC banning order states,” the complaint reads.

ASIC on Friday responded to the complainant stating it had referred the issue to a specialist team within the organisation for “further consideration”.

An ASIC spokeswoman declined to comment.

Mr McIvor on Tuesday said the complaint was “ridiculous”.

“I have never given financial advice in my life,” he said.

Equititrust collapsed into liquidation in 2012 owing $260m. Its investors, many of whom had tipped their life savings into its funds, saw a return of only a fraction of their money.