You must refer to the relevant cases and statutory law in your answers. You must reference any material that you quote or draw on in your answers - you may use any recognised academic referencing system (AGLC, APA, Harvard, etc).

You are a graduate analyst working for the Australian Securities and Investments Commission ('ASIC'). William Armstrong ('Armstrong') is the sole director of Green Day Financial Advisors Pty Ltd ('GDFA'). The majority of GDFA's clients are self-funded retirees that require a relatively stable income steam to maintain their lifestyle. ASIC has received a complaint that Armstrong has induced various investors to transfer funds, including funds from their self-managed superannuation funds ('SMSF'), for investment into an unregistered managed investment scheme. The complaint alleges that Armstrong advised clients to invest in the scheme and promoted it as being "a rock solid investment". In fact, the scheme was funding an extremely risky property development led by an inexperienced company Polyplex Ltd ('Polyplex'). Max, the director of Polyplex, is Armstrong's friend - having met at university. The complaint also alleges that Armstrong invested some of his client's superannuation funds the scheme without their knowledge or consent. Further, it is alleged that Armstrong recommended clients take out trauma, life and total and permanent disability insurance policies for over $1 million in coverage - where these clients had little or no debt and no dependents. Your manager has asked you to answer the following questions based on the legal issues raised by the allegations. If there are any further facts that you would need to complete the analysis, state what questions you would ask and why these are necessary.

REQUIRED a) What legal obligations, if any, have been breached by the actions of the adviser in this question?