Melbourne Adviser Banned by ASIC Over Shield Master Fund

Melbourne financial adviser Wade Lance Spooner has been banned from financial services activities for eight years by ASIC after providing inappropriate advice to clients regarding the Shield Master Fund.

It follows the August ban of MWL director Nicholas Maikousis for 10 years, and the cancellation of the Victorian firm’s financial license.

ASIC found that between September 2021 and February 2024, when Shield products were halted, MWL promoted Shield to more than 750 customers who collectively invested $155 million.

The regulator said it had “reason to believe that Mr Spooner is not a fit and proper person”, and “is likely to contravene a financial services law”. 

Spooner was appointed as a financial adviser by MWL Financial Services in May 2021. In that role he inappropriately advised some clients to invest most of their superannuation into high-risk investments with the Shield Master Fund against their best interest, ASIC found.

On the day the banning order took effect, July 25 2025, Spooner lodged an application with the Administrative Review Tribunal (ART) seeking a review of ASIC’s decision, as well as an application for a stay and confidentiality orders pending the outcome of the ART review.

On September 25, the application for a stay and confidentiality orders was heard by the ART, and on October 20, the ART refused Spooner’s request for stay and confidentiality orders.

Spooner’s review application of ASIC’s decision remains ongoing with the ART.

No certainty for retail investor victims

An ASIC investigation into Shield has found that potential retail investors were contacted by lead generators, who referred them to financial advisers. 

Those advisers then encouraged the investors to roll their superannuation assets into a retail choice superannuation fund, or to set up a self-managed super fund, and then to direct investments into Shield. Around 5800 retail investors were affected.

It is alleged that lead generators and financial advisers involved in the scheme received financial benefit from directing retail investors to make investments into Shield.

In February 2024 ASIC halted offers of Shield products, and in June 2024 received Federal Court orders to freeze Shield assets.

In September this year, Macquarie committed to repaying $321 million to 3000 affected members of its superannuation platforms. That action is voluntary, with other investors yet to receive certainty on what portion of their funds will be returned.