The Australian Securities and Investments Commission (ASIC) has permanently banned a former head and founding director of a specialist fund manager that is now in liquidation.
Former chief executive and founding director of Equititrust, Mark McIvor, has been banned from providing any financial services after ASIC found he breached a financial services law and “was not of good fame or character to provide financial services”.
Equititrust was the responsible entity of the Equititrust Income Fund (EIF), and collapsed in 2011.
ASIC found that while McIvor was the director between 2004 and 2008, he failed to take necessary steps to ensure he complied with the EIF compliance plan.
He also signed 28 board meeting minutes, which falsely recorded a board meeting to approve a loan meeting to approve a loan application had occurred, when in fact, no board meetings had occurred.
McIvor was also convicted and fined $10,000 in the Brisbane Magistrates Court of six charges of failing to provide a report as to affairs, and to deliver books and records to various liquidators.
Equititrust, which held an Australian financial services licence, was placed into voluntary administration on February 2012.
EIF had about 1,620 unit holders and were owed approximately $203.6 million.
