Bad advice lands planner on good behaviour bond
Former Gold Coast financial planner, Ian John Weaver, was convicted of three counts of failing to have a reasonable basis for providing clients advice, and a fourth charge of making a false or misleading statement.
The 70-year-old was an authorised representative of Enhance Capital Pty Ltd and The Salibury Group Pty Ltd between January 2003 and June 2010 and was sentenced to 12 months jail on each count brought by the Australian Securities and Investments Commission (ASIC), and conditionally released upon entering a good behaviour bond for two years.
Southport District Court heard that Weaver's conduct had a negative impact on his clients, and that he had acted more in his own interests than those of his clients.
ASIC deputy chairman, Peter Kell, said "Mr Weaver's high risk strategy of recommending double gearing strategies to his client, the majority of who were approaching retirement age, was completely at odds with the provision of appropriate financial advice".
Weaver was banned from providing financial services for a period of five years in May 2011.
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