Australian Securities And Investment Commission Bans David Schirmer For Life

This is great news.

Unfortunately, the majority of the people that Schirmer targets in the US will not see this wonderful press release from the Australian Securities and Investment Commission (ASIC) banning David Schirmer for life from providing any financial advice.

The last time we heard of him, Schirmer was claiming to be a Christian financial expert that wants to help churches manage their financial resources better. Schirmer wants to help his fellow Christians manage their finances better as well.

Just as long as they’re not in Australia.

Schirmer is one of the scammers featured in mockumentary “The Secret” and was touted in the book and sales video (which they called a “movie”) as a financial expert of some kind. It turns out he was only an expert in his own mind.

Let me rephrase that, he was only an expert at fraud and deception and not a financial wizard as the mockumentary and book claimed that he was.

The Australian equivalent of the Securities and Exchange Commission has seen it fit to ban Schirmer for life from providing financial advice. I’ll go ahead and trust the financial expertise and wisdom of the Australian Securities and Investment Commission and their decision.

I’ll let the text of the press release from ASIC do the rest of the talking:

10-130AD ASIC bans Victorian man from providing financial services for life

Wednesday 23 June 2010

Former contributor to the popular self-help product The Secret, Mr David Gary Schirmer of Warrandyte, Victoria, has been permanently banned from providing financial services following an ASIC investigation.

ASIC found Mr Schirmer had failed to comply with financial services laws in relation to the promotion, operation and delivery of a trading and wealth creation program known as the ‘Platinum Super Traders’ (Platinum program). The Platinum program was operated by
Mr Schirmer and Platinum Super Traders Pty Ltd.

ASIC found that between August 2004 and December 2006 Mr Schirmer:
provided financial services on behalf of another person who carried on a financial services business while not being authorised to do so
engaged in conduct in relation to a financial product or financial service that was misleading or deceptive, or was likely to mislead or deceive
failed to act in accordance with representations made by him to participants in the 2005 and 2006 Platinum programs
made false statements to participants in the 2005 and 2006 Platinum programs, and
engaged in dishonest conduct.

ASIC found that rather than disclosing difficulties he was facing with aspects of the Platinum program, Mr Schirmer chose to deceive Platinum participants and deliberately prepared and provided them with a false document.

ASIC’s action against Mr Schirmer reinforces its commitment to protecting retail investors and financial consumers by removing individuals who don’t possess the honesty and integrity necessary to discharge their duties and obligations as financial services providers.

Mr Schirmer has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.