Jun 29, 2010

The Secret: Still More Fraud

Crossposted from Reflections Journal.

Don't forget to check out the Primetime profile of James Arthur Ray tonight but in the meanwhile the verdict is in for David Schirmer. A tip of the hat to the Salty Droid for this bit of gouge from the land down under. Schirmer has been found guilty of financial malfeasance and been banned from doing... whatever it is he does... for life.

Former contributor to the popular self-help product The Secret, Mr David Gary Schirmer of Warrandyte, Victoria, has been permanently banned from providing financial services following an ASIC investigation.

ASIC found Mr Schirmer had failed to comply with financial services laws in relation to the promotion, operation and delivery of a trading and wealth creation program known as the ‘Platinum Super Traders’ (Platinum program). The Platinum program was operated by
Mr Schirmer and Platinum Super Traders Pty Ltd.

ASIC found that between August 2004 and December 2006 Mr Schirmer:
  • provided financial services on behalf of another person who carried on a financial services business while not being authorised to do so
  • engaged in conduct in relation to a financial product or financial service that was misleading or deceptive, or was likely to mislead or deceive
  • failed to act in accordance with representations made by him to participants in the 2005 and 2006 Platinum programs
  • made false statements to participants in the 2005 and 2006 Platinum programs, and
  • engaged in dishonest conduct.
ASIC found that rather than disclosing difficulties he was facing with aspects of the Platinum program, Mr Schirmer chose to deceive Platinum participants and deliberately prepared and provided them with a false document.

I guess the ASIC doesn't understand that giving clients a false document isn't so much fraud as it is creating the reality he desired, just like in the video clip from The Secret posted above.

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