Financial services provider MWL Financial Group has entered administration following recent regulatory action by the Australian Securities and Investments Commission (ASIC) linked to the collapsed Shield Master Fund.
Three companies under the MWL umbrella – MWL Financial Services, MWL Financial Group, and MWL Accounting – went into administration late last month.
Established in Melbourne more than two decades ago, MWL had expanded nationally through the acquisition of accounting, financial planning, and insurance practices.
ASIC previously cancelled MWL’s Australian Financial Services Licence and banned Managing Director Nicholas Maikousis for 10 years, and Compliance Manager Robert Tohill for five, after finding that clients had been given misleading advice related to the Shield Master Fund. The regulator said more than 750 clients invested around $155 million through MWL between 2021 and 2024.
Maikousis, who also served as President of South Melbourne FC, has since resigned from his club role, with the football organisation confirming he stepped down “effective immediately, in order to focus on his personal business.”
Administrators Daniel Juratowitch and Rachel Burdett of Cor Cordis said MWL’s operations would continue while an urgent review of its financial position is undertaken.
“All available options are being explored, including restructuring, recapitalisation, or the sale of assets,” they said, adding that a report will be provided to creditors in due course.
According to the company’s website, Maikousis remains listed as Group Managing Director and a founding partner, noting that MWL “adds value to clients by offering a complete financial package ensuring our clients are optimising their opportunities.”
ASIC’s broader investigation into the Shield Master Fund, which collapsed last year leaving about 5800 investors at risk of losing close to $500 million, remains ongoing.
The regulator has also commenced separate Federal Court proceedings against Equity Trustees Superannuation Limited over its alleged oversight failures concerning the fund.
Maikousis and MWL are seeking a review and stay of ASIC’s banning order through the Administrative Review Tribunal.
Source: The Daily Telegraph
