ASIC permanently bans former Tasmanian financial adviser LeapRate

October 10, 2016 BY Valentina Kirilova

ASIC permanently bans former Tasmanian financial adviser

ASIC has permanently banned former Hobart financial adviser Troy Andrew Rodney Williams from providing financial services. Mr Williams, of Sandy Bay, is a director and former financial adviser at Hobart financial planning business, Directions Wealth Management. Mr Williams was authorised to provide financial advice as a representative of Financial Services Partners Pty Ltd (FSP), a…

September 29, 2016 BY Valentina Kirilova

ASIC permanently bans former Deutsche Bank FX trader

ASIC has permanently banned former Deutsche Bank FX options and futures trader, Andrew Donaldson, of Sydney, from providing financial services. The banning follows an ASIC investigation into Mr Donaldson's conduct in 2013 and 2014 in entering a significant number of false entries into Deutsche Bank's records. By making these false entries, Mr Donaldson temporarily offset…

September 26, 2016 BY Valentina Kirilova

ASIC bans former Westpac financial adviser

ASIC has banned Adelaide financial adviser Michael Mahoney from providing financial services for a period of four years. Mr Mahoney was employed by the BT Financial Group Pty Ltd (BTFG) in the Westpac Scaled Advice Insurance business from October 2013 to July 2014 to provide general advice only to retail clients on insurance products. ASIC's…

September 16, 2016 BY Valentina Kirilova

ASIC bans alternative investment spruiker for four years

ASIC has banned Mr Geoffrey Woodcock of Auckland, New Zealand, from providing financial services for a period of four years. Between November 2011 and October 2013, Mr Woodcock was the founder and manager of Capital Alternatives Pty Ltd and a director of Velvet Assets Pty Ltd. Both of those companies promoted alternative investments in Australia.…

September 06, 2016 BY LeapRate Staff

Four strikes and you're out! ASIC bans director of 4 failed companies

Australia financial regulator ASIC has announced that Collaroy director Mark Frederic Byers, has been banned by ASIC from managing companies for the maximum of five years for his conduct in the management of four failed companies. Mr Byer's ban follows the appointment of liquidators to four fashion apparel companies he managed: Mentmore Pty Ltd, 095…

August 24, 2016 BY Valentina Kirilova

ASIC bans former director of financial services business

ASIC has banned Mr Anthony John Downey, of Brighton, Victoria, from providing financial services for a period of six years following an investigation. Mr Downey was, until 3 June 2015, a director of Platinum Mortgage Securities Limited. ASIC has found that Mr Downey engaged in misleading conduct by providing false documents to support an application…

August 19, 2016 BY Valentina Kirilova

Padbury Mining directors banned for three years due to Oakajee Funding Secured announcement

The Federal Court in Perth has banned Gary Stokes and Terence Quinn from managing corporations for three years and ordered they each pay a $25,000 fine for breaching their duties as directors of Padbury Mining Ltd (Padbury) with respect to the company's disclosure obligations. The decision comes as a result of civil penalty proceedings commenced…

August 17, 2016 BY Valentina Kirilova

ASIC bans former representative of Macquarie Equities Limited

ASIC has banned Mr Nicholas Kerr, of Carindale, Queensland, from providing financial services for five years after finding that he engaged in unauthorised discretionary trading on his client accounts, provided inappropriate advice and created false records. Mr Kerr was a representative of Macquarie Equities Limited (MEL) from March 2008 to August 2013. ASIC's investigation found…

August 12, 2016 BY Valentina Kirilova

ASIC bans former NSW director of Australian financial services licensee from financial services and credit activities

ASIC has permanently banned the former director of an insurance broking company, Timothy Charles Pratten of New South Wales, from providing financial services and from engaging in credit activities. Mr Pratten was banned after being convicted on seven counts of dishonestly obtaining a financial advantage from the Commonwealth by deception. This conviction followed an investigation…

August 11, 2016 BY Valentina Kirilova

AAT affirms permanent banning of financial adviser by ASIC

The Administrative Appeals Tribunal (AAT) has upheld ASIC's decision to permanently ban former credit representative, Shiv Sahay from providing financial services and engaging in credit activity. On October 22, 2015, Mr Sahay applied to the AAT for a review of ASIC’s decision. On August 9, 2016, the AAT decided the permanent bans imposed by ASIC…

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