ASIC bans Sydney accountant
The Australian Securities and Investments Commission (ASIC) has banned Sydney accountant and former director of Provident Capital, Trevor John Seymour, from managing corporations for three years, and providing financial services for three years.
It comes after an investigation by the corporate regulator found Seymour breached his duties as a director and broke financial services laws.
But ASIC has allowed Seymour to manage Raintron (the trustees of his self-managed superannuation fund) and Garde (a trustee company which acts as an executor of an estate.
"Altering the arrangements to accommodate his disqualification is disproportionate to the risk to the public given the limited activities of these companies," ASIC said.
He is also allowed to continue as a director of his accounting practice, Bretnalls NSW, as long as he is not the sole director and continues to be involved in the day-to-day running of the business, ASIC said.
The investigation found Seymour was involved in approving documents related to financial products that were deceptive and misleading.
He issued 15 quarterly and seven benchmark reports to ASIC and Australian Executor Trustees Limited, which had misleading statements and were deceptive, and a debenture prospectus in 2010, aimed at raising funds from the public, which had misleading statements and were deceptive.
He also distributed information booklets in 2012, which were found to be "deficient", ASIC said.
Seymour filed an application with the Administrative Appeals Tribunal for a review of ASIC's decision.
Non-bank lender, Provident Capital, collapsed in 2012, owing $130 million to people who invested in the firm's debentures. ASIC suspended the company's Australian financial services licence in October 2012.
Recommended for you
A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
Having completed their educational qualifications, those advisers who remain in the industry are reporting being “run off their feet” with new clients.
