The Australian Securities and Investments Commission (ASIC) has banned a former financial adviser of Wilson Advisory and Stockbroking Limited (Wilsons) from providing financial services for five years for misleading conduct.
ASIC found that Manley engaged in misleading or deceptive conduct, or conduct that was likely to mislead or deceive clients and employees of the firm after his conduct led to trading in exchange traded options on two clients’ accounts without their instructions.
Manley was employed by Wilsons between January 2011 and February 2015. During this time, he also made representations that were misleading or deceptive, or could be so for clients and employees of Wilsons.
ASIC found he advised one client of an incorrect cost to close out their options trading account and that they were completely out of options when this was not the case.
He also advised a second client of an incorrect balance in their options trading account and that he had taken steps to transfer the trading account balance to the client’s bank account when this was not the case.
He provided Wilsons with false documents supposedly signed by each of the clients that requested that details of their email addresses be changed.
ASIC also found Manley engaged in falsification of order records Wilsons was required to keep. Manley made entries in Wilsons’ IRESS Order System that showed he had received instructions from two of his clients about placement of orders when this was not the case.
ASIC commissioner, Cathie Armour, said: “Financial advisers operate in a position of trust and are expected to act with honesty and integrity in relation to their clients and the financial entities they represent”.
“Appropriate enforcement action will be taken by ASIC against financial advisers who fail to do so.”
Manley has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
