Koresh Daniel Houghton banned for providing financial services because he had engaged in misleading, deceptive and dishonest conduct and failed to act in his clients’ best interests when providing advice.
Content of Penalty:
ASIC's surveillance of Mr Houghton found that he:
-had created false documents by cutting and pasting customer signatures onto a letter nominating Mr Houghton as their adviser;
-completed and submitted insurance application forms on behalf of clients with incorrect information;
-failed to make reasonable enquires into clients' relevant objectives, financial situation and needs; and
-failed to conduct a reasonable investigation into financial products that might achieve the objectives of the clients.