Misleading ads draw a fine
THE corporate watchdog has taken action against companies associated with a Perthbased property developer over misleading advertisements that claimed consumers could buy an investment property from “just $59 per week”.
The Australian Securities and Investments Commission has issued four infringement notices to Australian Property Alliance Pty Ltd after the advertisements were published on various websites, the Nicheliving Facebook page, YouTube, and on television between May and October last year.
ASIC was concerned the ads did not disclose the details that underpinned a negativegearing investment strategy, including the consumer being required to pay an upfront sum of $35,000.
The company was fined $40,800.