Former Westpac financial adviser, Luke Stuart McGrath has been given a lifetime ban from acting as a representative of a securities dealer or investment adviser from the Australian Securities and Investment Commission (ASIC).
Former Westpac financial adviser, Luke Stuart McGrath has been given a lifetime ban from acting as a representative of a securities dealer or investment adviser from the Australian Securities and Investment Commission (ASIC).
ASIC investigated McGrath’s dealings with three clients following a referral of a customer complaint from Westpac.
McGrath, an adviser with Westpac Banking Corporation from 1994 to last year, was charged with failing to invest $60,000 and $88,000 on behalf of two clients in line with recommendation and agreements made.
ASIC also found that McGrath had failed to invest four travellers cheques totalling a staggering US$104, 950 on behalf of a third client.
ASIC’s NSW Director DISC Lucienne Layton says McGrath had been in a posi-tion of trust with his clients
“In order to protect investors and their money, ASIC will not hesitate to act in cir-cumstances where an investment adviser fails to act fairly and honestly,” Layton says.
Westpac has arranged full compensation for the losses sustained by McGrath’s cli-ents.
