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      "text": "Benchmark 4 – Experts\nDescription: Where the responsible entity engages an expert to provide a professional or expert opinion on the agribusiness scheme, and the expert opinion is disclosed to retail investors in a way that may lead them to place reliance on the expert's expertise, the responsible entity only engages an expert that is independent.",
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      "text": "By publishing what we believe is a deceptive PDS for MIS investors with market projections created possibly conflicted third parties, we believe TFS is in breach of the following criminal offences.",
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      "text": "1. Section 1041F of the Corporations Act : Inducing persons to deal in financial products\n2. Section 1041G of the Corporations Act: Dishonest Conduct",
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      "text": "1. TFS's undisclosed relationship The Incipient Capital Group and its managing director, Mr Philip Shamieh;\n2. Wise Owl's undisclosed relationship with TFS Corporation through the directorships of Mr Shamieh;\n3. TFS's obligation to stakeholders to disclose material interests of its market consultant, Dr Padmanabha's, being the marketing of his own investment scheme project and advisory of several defunct Sandalwood plantation operators.",
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      "text": "1. Section 1041F of the Corporations Act : Inducing persons to deal in financial products\n2. Section 1041G of the Corporations Act: Dishonest Conduct\n3. Section 1041E of the Corporations Act: False or Misleading Statements",
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      "text": "By publishing what we believe is a deceptive PDS for MIS investors with market projections created possibly conflicted third parties, we believe TFS is in breach of the following criminal offences:",
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      "kind": "paragraph",
      "text": "As a biased and conflicted third party through its industry market projection utilised in TFS's PDS, we believe Incipient Capital Group may be in breach of the following criminal offences:",
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      "kind": "paragraph",
      "text": "TFS appears to be in breach of ASIC regulatory guide 232 through its release of information portrayed to be sourced by independent experts in its product disclosure statements, investment information memorandums and earnings presentations.",
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      "kind": "paragraph",
      "text": "We refer to Part 7.1 of the Corporations Act which prohibits market misconduct relating to financial products and services, and ASIC regulatory guide 232 which suggests a benchmark to be imposed on MIS responsible entities, including:",
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      "kind": "paragraph",
      "text": "We make note that Incipient Capital Group acted as lead manager for several large institutional MIS investments. We question whether Incipient Capital Group presented the PDS and Sandalwood industry research to institutional investors as a broker, and whether the relationship between TFS and Incipient was properly disclosed.",
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      "text": "Benchmark 4 – Experts Description: Where the responsible entity engages an expert to provide a professional or expert opinion on the agribusiness scheme, and the expert opinion is disclosed to retail investors in a way that may lead them to place reliance on the expert's expertise, the responsible entity only engages an expert that is independent. — ASIC Regulatory Guide 232",
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      "kind": "source-note",
      "text": "61 http://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-232-agribusiness-managed-investment-schemes-improving-disclosure-for-retail-investors/",
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