June and Dary are brother and sister. June is a lawyer and works for a large investment fund manager advising on legal entities and ownership structures. During her career she has built up a portfolio of shares ($1.5 million) and property ($3.2 million). Her current debt is $1.3 million and she earns $260,000 per year. Dary is an artist who works on large installations. His income is varied and lumpy with large commissions taking him up to three years to finalise and to receive payment. Five years ago, he was commissioned for a $2 million large trout gateway to a seaside location, which is yet to be fully installed. He rents his seaside home but moves to wherever the work is required.

Their aunt Greta has left her estate to them. It consists of a house valued at $620,000 and shares valued at $5 million.

June and Dary have agreed that rather than sell the house and incur the associated costs, Dary will move into the house rent free with a lifetime tenancy. They have updated their wills so that if Dary should die the house will become June's; and if June were to die the house will become Dary.

In return, June is going to manage the share portfolio of $5 million. For income tax purposes the share portfolio will be placed into a trust with June and Dary trustees as well as beneficiaries. They have an investment plan that the income will be distributed to Dary during the lean years, and re-invested into the portfolio during his good times. Their long-term plan is to repay June's debt when she is ready to retire. They have named the trust: The Aunt Greta Trust.

(a) Identify one (1) of the parties June, Dary or the Aunt Greta Trust who qualifies as a wholesale investor. Support your answer by referencing the relevant criteria which qualifies them as a wholesale investor.

(b) Briefly explain the warnings a financial product offeror must provide to a wholesale investor.

(c) Describe the type of conduct expected from a financial adviser when dealing with a wholesale investor.

(d) What two (2) types of certification does a financial adviser need to provide to the product offeror in order to confirm the wholesale investors status?

(e) Briefly describe the consequences of certifying that an individual is an eligible investor when they do not meet the criteria of a wholesale investor.