ASIC bans former AFS Capital director
The Australian Securities and Investments Commission (ASIC) has banned a former director of AFS Capital Securities Limited, Dr Bingxing Hu, for five years from providing financial services as he failed to comply with a financial services law.
According to ASIC’s investigation, Hu “knowingly engaged in conduct that was likely to mislead in contravention of s1041H(1) of the Corporation Act”.
Also, the regulator found that Hu may not be adequately trained, or not competent, to provide financial services, “having demonstrated by his conduct a disregard and a misunderstanding of the rules applying to the financial services that he was providing”.
In particular, ASIC found that Hu:
- Caused a list supplied by the company of 158 applicants for shares incorrectly purported to be Australian residents to be forwarded to the company’s share registry;
- Signed a statutory declaration declaring that to his “knowledge… no artificial means have been used to achieve the spread requirement” when he knew or should have known that this was false; and
- Sent emails to various persons that falsely represented that the minimum subscription requirement had been met.
Hu, who was AFS Capital’s director between 8 April 2010 and 18 April 2017, has a right to apply to the Administrative Appeals Tribunal for review of ASIC’s banning order.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.