The Australian Securities and Investment commission (ASIC) has permanently banned a former Melbourne securities representative, Richard Long Chin Joon, from acting as a representative of a dealer or an investment adviser.
The Australian Securities and Investment commission (ASIC) has permanently banned a former Melbourne securities representative, Richard Long Chin Joon, from acting as a representative of a dealer or an investment adviser.
The ban follows an investigation that revealed a widespread course of misconduct by Long involving a number of his clients’ investments.
ASIC says it is aware of unauthorised share trades of over $350,000. It also found that Long falsified statements regarding clients shareholdings and dividend re-ceipts, and that he made unauthorised withdrawals from client cash management accounts.
Long’s proper authority to act as a securities representative was revoked when his misconduct was discovered.
