Suspension

SFC bans Ng Chau for six months

Reason: AbuseContent of Penalty: The Securities and Futures Commission (SFC) has banned Mr Ng Chau, a former account executive of Get Nice Securities Limited (Get Nice), from re-entering the industry for six months from 15 December 2017 to 14 June 2018 for breach of the SFC’s Code of Conduct (Notes 1 & 2).  The SFC found that Ng effected transactions ...

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ASIC bans Victorian financial adviser for three years

Reason: MisconductContent of Penalty: The Australian Securities and Investments Commission (ASIC) has banned financial adviser Julie Hamilton from providing financial services for three years for failing to act in her clients' best interests. ASIC found that Ms Hamilton had failed to: make enquiries into her clients' financial circumstances when recommending switching their superannuation and insurance; consider her clients' circumstances when ...

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ASIC bans Bell Potter Securities Ltd trader Damien Rodr from providing financial services

Reason: AbuseContent of Penalty: ASIC has banned Mr Damien Rodr, of Sydney, from providing financial services under s920A of the Corporations Act following an ASIC investigation into trading in the shares of DirectMoney Ltd ('DirectMoney'; ASX code: DM1). Mr Rodr, a Designated Trading Representative (or 'DTR') for Bell Potter Securities Ltd ('Bell Potter'), has been banned for four years due ...

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Former Principal of Sherwin Financial Planners sentenced to 10 years imprisonment

Reason: FraudulentComment: 10 years imprisonment for fraudContent of Penalty: On 5 September 2017, Mr Sherwin, 63, appeared in the Brisbane District Court, and pleaded guilty to: twenty four  counts of fraud by dishonestly causing a detriment between May 2009 and December 2012 to the value of nearly $10million to a number of clients of Sherwin Financial Planners; and one count ...

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Former Managing Director and former Chief Operating Officer of Hastie Services charged with conspiracy to falsify accounts

Reason: Misconduct, AbuseComment: These offences both carry a maximum penalty of two years imprisonment. Content of Penalty: The former director and the former chief operating officer of a subsidiary of the publicly listed company Hastie Group Pty Limited (in external administration) have both been charged with three counts of conspiracy to falsify accounts. Mr Joseph Carmec Farrugia, the former Director ...

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Enforceable undertaking excludes Queensland financial adviser for five years

Reason: MisconductContent of Penalty: An ASIC review of client files found that in some instances Mr Hartmann had failed to act in the best interests of clients when he: advised clients to switch insurance arrangements and superannuation funds without being able to demonstrate why this was appropriate; and did not conduct reasonable investigations into clients' objectives for insurance requirements or ...

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ASIC bans former BBY financial adviser for ten years

Reason: AbuseContent of Penalty: ASIC has banned Sergio Nicolo Belardo, a Perth-based former financial adviser with BBY Ltd (BBY), from providing financial services for ten years. Mr Belardo was an Authorised Representative of BBY from September 2013 to May 2015 and in that role provided advice and dealing services to BBY retail clients in relation to financial products including securities ...

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Two companies lose Australian financial services licences

Reason: MisconductContent of Penalty: ASIC has cancelled the Australian financial services (AFS) licence of NSW-based Divitiarum Audax Pty Limited (Divitiarum Audax) and suspended the AFS licence of NSW-based Mackellar Financial Services Pty Ltd (Mackellar). Mackellar's AFS licence has been suspended from 31 October 2017until 30 April 2018for failing to lodge financial statements and auditor's reports for a period of two ...

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ASIC suspends AFS licence of M.J. Wren & Co

Reason: MisconductComment: ASIC has suspended the Australian financial services (AFS) licence of M.J. Wren & Co Pty Ltd (MJ Wren) until 16 October 2018. Content of Penalty: MJ Wren ceased providing financial services in May 2017 after ASIC identified that MJ Wren had failed to comply with the risk-based capital requirements set out in the market integrity rules. Date: 27/10/2017Link: ...

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ASIC disqualifies director from managing companies for maximum five year period

Reason: Misconduct, AbuseComment: ASIC found that Mr Cook: -improperly used his corporate position by causing his companies to make loan -repayments to related companies ahead of third party creditors whilst they were in financial difficulty; -failed to prevent some of the companies from trading whilst insolvent; -failed to ensure that proper financial records were kept; -failed to assist the liquidators ...

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