The securities regulator has banned two former financial advisers from providing financial services, after it was found they had advised clients to invest in Westpoint products.
Tina Fung of Bellevue Hill, New South Wales (NSW), and Terrence Stone of Seaforth, NSW, were both representatives of Strategic Capital Management, and banned for four and five years, respectively.
The Australian Securities and Investments Commission (ASIC) found that between March 11, 2004, and January 31, 2005, Fung and Stone recommended Westpoint products to clients of OnLine Super, which is currently in liquidation, arranging for them to acquire Westpoint products for their self-managed superannuation funds.
According to ASIC, both advisers failed to provide appropriate advice to clients about investing in Westpoint and made statements to their clients that were misleading or deceptive.
There are currently eight advisers facing possible bans for providing advice on Westpoint products, while nine have already been banned.
