A Morgans adviser who received commissions for steering people towards Blue Sky funds that later fizzled has argued he was not providing an angry investor with formal personal advice.
The investor had actually signed off as a sophisticated investor and declared she was only relying on information in fund documents, maintained the adviser and Morgans, a national stockbroking-wealth management outfit.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
