ASIC permanently bans a financial adviser of Futuro Financial Service

Reason:
Abuse
Content of Penalty:

Mr Smith was an authorised representative for Futuro Financial Services Pty Ltd (Futuro) from 10 October 2008 to 12 September 2017. Mr Smith is also the sole director of Advice 4 Wealth Pty Ltd (Advice 4 Wealth) which has been an authorised representative for Futuro since 29 September 2008.

An ASIC investigation found that between 29 December 2008 and 12 July 2016, Mr Smith electronically transferred a total of $278,042.58 from the bank account of a deceased estate for which Mr Smith was the Trustee and Executor to bank accounts held in Mr Smith's name, or in the name of Advice 4 Wealth.

Date: 12/01/2018
Link: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2018-releases/18-006mr-asic-permanently-bans-south-australian-financial-adviser/