ASIC upholds permanent ban for former Equititrust CEO
The Australian Securities and Investments Commission (ASIC) has upheld permanent ban for Mark McIvor, former chief executive officer and founding director of Equititrust, now in liquidation, from providing financial services.
The ASIC's decision came after McIvor had withdrawn an application to the Administrative Appeals Tribunal (AAT) to appeal against ASIC's original banning decision.
The corporate regulator banned McIvor from providing financial services for the first time in 2015 after an earlier investigation into the Equititrust collapse. ASIC found that he was not of good fame and character to provide financial services and had contravened a financial services law, including signing board meeting minutes which falsely had recorded an approval of a loan application when no such board meeting had taken place.
According to ASIC, his conduct also included breaches of financial services legislation which were considered to be very serious.
ASIC commissioner, John Price, said: "People who provide financial services, especially those in senior management positions, are required to discharge their obligations under financial services laws efficiently, honestly and fairly,"
"ASIC will ensure those who fail in these duties are removed from the industry."
Following this, McIvor filed applications for a review of ASIC's decision and to stay the operation and implementation of the banning order. However, the stay was refused by the AAT and in September, 2016, he withdrew the application for review of ASIC's decision.
Equititrust was incorporated in 1993 and was placed into voluntary administration in 2012.
In 2011 ASIC suspended the company's Australian financial services licence (AFSL) for 12 months for failing to comply with its key obligations and in 2014 McIvor was convicted and fined $10,000 in the Brisbane Magistrates Court for failing to provide books and records to the liquidators.
In 2012, McIvor was made bankrupt however his bankruptcy period has since expired.
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