ASIC has placed a seven-year ban on financial adviser Jovan Videkanic, preventing him from providing financial services, managing a financial services business, or being involved in its operations.
The regulator claims Melbourne-based Videkanic gave advice to clients “which was not in their best interests” between July 2020 and February 2024.
He is alleged to have recommended clients invest most of their superannuation into the Shield Master Fund “…which were high risk investments” when he was authorised by United Global Capital.
ASIC is conducting multiple investigations into conduct connected to the Shield Master Fund – the firm collapsed in June 2025.
ASIC also found that Videkanic’s statements of advice to certain clients contained false and misleading statements, “implying they would enjoy better returns by investing their superannuation into Shield”. At the time he was authorised by MWL Financial Services and sat on its investment committee.
ASIC states it has reason to believe Videkanic is not a fit and proper person, is not competent, and is likely to contravene a financial services law. The banning order took effect from 25 August 2025.
