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Qld developer faces lifetime ban after raising millions without licence
A Queensland property developer has been permanently banned after having operated multiple unregistered managed investment schemes and providing financial services without a licence.
Noosa-based property developer Trent Simon Giumelli has been permanently banned by the Australian Securities and Investments Commission (ASIC) from providing unlicensed financial services.
For eight years, through companies known as the Giumelli Group, Giumelli operated unregistered managed property development investment schemes and ran real estate wealth-coaching programs without an Australian financial services licence.
During this time, he raised about $48 million from members of the public across 27 projects.
The regulator found that Giumelli had not complied with financial services laws and that it had reason to believe he was not adequately trained or competent, and was likely to contravene them.
ASIC also found that Giumelli demonstrated serious incompetence and irresponsibility, as well as disregard for the law and a lack of fairness, professionalism, and trustworthiness.
Since early May 2026, Giumelli has been permanently banned from providing financial services, performing any role in a financial services business (including as an officer, manager, employee, or contractor), or controlling any entity that carries on a financial services business.
While banned, the watchdog said that Giumelli has the right to appeal to the Administrative Review Tribunal for a review of the decision.
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