Australia’s financial watchdog described the Auckland man as an "alternative investment spruiker".

The Australian Securities and Investments Commission has banned Geoffrey Woodcock from providing financial services for four years for promoting alternative investments in Australia without a licence to do so.

Between November 2011 and October 2013, Woodcock was the founder and manager of Capital Alternatives and a director of Velvet Assets. A number of the alternative investments promoted by these companies were financial products and as such required the businesses to hold an AFS licence, which they did not yet still carried on, ASIC found.

Moreover, Woodcock, of Auckland, New Zealand, personally induced clients to invest by failing to disclose that around 40 to 45 per cent of the money invested would be retained as commission.

“The Australian financial services licensing regime provides safeguards. Consumers should not invest with a person or entity in Australia unless they are authorised by, or hold, an AFS licence,” said commissioner Greg Tanzer in a statement.