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Jamie McIntyre Vs. ASIC Seminar Junkies Anonymous

4 Oct

In August 2007 the Australian Securities and Investments Commission (ASIC) and Mr. Jamie McIntyre agreed to settle the long running court case started in 2001 by ASIC.

ASIC had failed for 5 years to bring this case back before the courts and thus it was ordered to mediation to settle the matter.

ASIC brought legal proceedings against the 21st Century Academy Pty Ltd (21st Century Academy) and Jamie McIntyre. They were ordered by the Federal Court of Australia to stop or change the way they arrange, promote and hold live seminars in Australia.

Initially, the Federal Court declared that 21st Century Academy had contravened the Corporations Act 2001 (the Act) in that it had carried on a financial services business without holding an Australian financial services licence (AFSL).

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The Court found that 21st Century Academy had provided financial product advice, by arranging, promoting and holding live seminars in Australia to members of the public at which Jamie McIntyre spoke about strategies involving shares and derivatives. Furthermore, the Court found 21st Century Academy had breached this provision by publishing and promoting a book entitled “What I didn’t learn at school but wish I had”. This book contained financial product advice with respect to securities and derivatives.

In relation to Mr McIntyre, the Court declared that he was knowingly concerned in the contraventions of the Act committed by 21st Century Academy. The Court also declared that Jamie McIntyre had contravened the Act in that he had provided financial product advice, on behalf of 21st Century Academy, without being authorized to do so by the holder of an AFSL.

ASIC alleged that 21st Century Academy and Jamie McIntyre had acted in contravention of the Act from 11 March 2002 to 31 December 2004.

As a consequence, the Court granted injunctions to restrain 21st Century Academy and Jamie McIntyre from:

* arranging, promoting and holding live seminars in Australia at which advice or recommendations are given in connection with securities and derivatives (including blue-chip shares and exchange traded options) unless that advice is given by the holder of an AFSL or by the authorised representative of an AFSL holder, covering the provision of such advice;

* printing, publishing and distributing written material that promotes and advertises live seminars at which advice or recommendations are given in connection with securities and derivatives, unless that advice is given by the holder of an AFSL, or the authorised representative of an AFSL holder, covering the provision of that advice; and

* printing, publishing and distributing the book “What I Didn’t Learn At School But Wish I Had” (in the form as reprinted in March 2004).

Additionally, the Court ordered 21st Century Academy and Jamie McIntyre to pay ASIC’s costs.

By August 2007 ASIC had failed to bring this case back before the courts since 2001 and thus it was ordered to mediation where it was agreed both parties would cease the matter and each party pay their own legal costs.

This means not a single allegation raised against Jamie McIntyre has been proven by the ASIC.

The original orders granted to ASIC in 2002 were also completely removed ASIC agreed to add editor’s notes to all previous media releases regarding Jamie McIntyre to highlight for public viewing that the matter has been settled out of court with no findings.


ASIC seeks to protect consumers from unqualified people who often provide misleading advice about their expertise and skills, repeatedly making far-fetched promises and guaranteeing personal wealth.

Do your due diligence!

Ultimately it is the consumers responsibility to check the credentials of people providing advice and always ensure you obtain financial advice from a licensed professional.

Share your experiences and insights with us! We love to hear from you. By sharing your stories you can help protect others from scams, fraudsters and those who are not well-intentioned. We invite open, honest and CONSTRUCTIVE feedback. Make a comment below or send your contribution to seminarjunkiesanon@gmail.com

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