ASIC bans adviser using clients’ assets for personal benefit
The Australian Securities and Investments Commission (ASIC) has banned Queensland-based financial adviser, Mr Glenn William Connor, from providing financial services for seven years after an investigation found he had used his clients’ assets as security for his margin loan.
The ASIC investigation found that along with using his clients’ assets as security, Connor had also taken advantage of his position as an independent financial adviser and borrowed client funds for personal benefit.
The investigation, which found that Connor had engaged in conduct causing his clients to suffer significant losses, took place between 2008 and 2016.
Connor was a financial adviser with Millennium 3 Financial Services, Lonsdale Financial Group and most recently Hunter Green, also trading under his personal business, Glenn Connor Financial Planning.
Connor’s ban would be recorded on ASIC’s Financial Advisers Register.
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
