The Courier-Mail

Misleading ads draw a fine

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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.

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