Espresso Moto director Shane Allan Rose in more hot water with $809k tax and super debts

The director of the popular Espresso Moto cafes, which were plunged into liquidation last week, has found himself in more hot water. Read the latest

The director of the popular Espresso Moto cafes, which were plunged into liquidation last week, has found himself in more hot water.

Banned former financial adviser Shane Allan Rose’s financial services company, Your Private Wealth, has been wound up over an $809,000 tax and superannuation debt.

Meanwhile, another company linked to him, Octillion Partners, lost its financial services licence in the same week.

Documents tabled in the Federal Court show Your Private Wealth, which is solely directed by Mr Rose, had outstanding tax and superannuation debts as far back as 2017.

Prior to his ban, Mr Rose had been operating financial advisory businesses and a mechanic’s shop on neighbouring premises at Logan, hosting Jeep car displays from the carpark.

Shane Rose and Alicia Bridge have operated multiple businesses from the premises at Slack’s Creek.

Espresso Moto cafes had operated at Palm Beach and Mermaid Beach for almost a decade, but companies behind them were plunged into liquidation after a court wind-up on May 7.

Angry and “false” signs greeted customers in the windows of the Espresso Moto Mermaid Beach cafe last week as it faced wind up, with Mr Rose saying he had put the signs there.

ASIC said the licence of Octillion, solely directed by Mr Roses’s wife Alicia Bridge, had been cancelled because the regulator claimed it did not comply with the financial services laws; ensure the financial services covered by the licence were provided efficiently, honestly and fairly; was likely to contravene its obligations under the Corporations Act; and was not fit and proper to operate a financial business.

Shane Rose has operated multiple businesses.

“ASIC’s concerns arose out of Octillion’s supervision of its authorised representative financial adviser Shane Allan Rose, who engaged in dishonest conduct by using client invested funds for purposes other than which they were given,” the statement said.

Octillion has a right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

There is no suggestion NMs Bridge engaged in dishonest conduct nor knew about Mr Rose’s alleged conduct.

Banned financial advisor Shane Allan Rose.

Another of Mr Rose’s companies was placed into liquidation earlier this year – mechanical company All American Wheeling was wound up in the Brisbane Supreme Court on February 15, with liquidator Bill Cotter reporting it owed more than $400,000, mostly to unsecured creditors.

That company has also traded as Advanced Diesel Tuning.

Mr Rose, 57, and wife Ms Bridge, 37, were also directors of Coyote Tuning, which is not in liquidation but has previously traded from the same address at Nujooloo Rd, Slack’s Creek.

Shane Rose and Alicia Bridge have operated multiple businesses from the premises at Logan.

ASIC publicly announced it had permanently banned Mr Rose from the financial services industry in March after alleging he “knowingly and dishonestly” spent investor money for purposes different from what was intended.

Mr Rose has said he was still deciding whether or not to appeal ASIC’s banning.

Octillion has also been known as Unison Wealth Management and Eden Wealth Management.

Originally published as Espresso Moto director Shane Allan Rose in more hot water with $809k tax and super debts