Dixon Advisory coughs up $7.2m ASIC penalty for failing clients

Jonathan Shapiro and Carrie LaFrenz

Jul 9, 2021 – 9.40am

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Financial advisory firm Dixon Advisory has reached an agreement with the corporate regulator to settle civil penalty proceedings, which related to advice provided to clients that directed them to buy or remain invested in its troubled United States property fund.

In a statement to the Australian Securities Exchange, E&P Financial – which operates Dixon Advisory – said it would pay the Commonwealth a pecuniary penalty of $7.2 million in addition to paying the legal and investigation costs of the Australian Securities and Investments Commission, which brought the action.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.

Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club.