A Perth investor has been banned after he lied to clients over losing $11.3 million of their cash.
Noel Northcott founded Noon Investment Fund and the Quant Fund, which went under in 2022.
Noel Northcott.
The Australian Securities and Investments Commission said the fund lost about $11.3 million in March and April of that year, after promising investors “reliable, consistent and predictable” returns on their investments.
However rather than notify investors of the loss, Northcott sent fake monthly performance statements to 42 of his clients, and said that their investments had actually increased over this period.
By that point, they’d lost about 90 per cent in value.
About a year later ASIC found Northcott had also lied about his other fund’s performance, and how long it had been running.
“Mr Northcott failed to understand the Australian financial services licensing and compliance regime and is not adequately trained, or is not competent, to provide one or more financial services,” an ASIC spokesperson said.
Northcott has previously attempted to appeal the decision, but the Administrative Review Tribunal refused his application.
Northcott has been permanently banned from providing any financial services, controlling … an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business.
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