The Administrative Appeals Tribunal (AAT) has varied the ban of Sydney-based former adviser Lisa Lee from eight years to six.
Lee was banned by the Australian Securities and Investments Commission (ASIC) in May for falsifying documents while a representative of ANZ.
Lee was banned from providing financial services and appealed the decision to the AAT who modified it on 4 November, 2021.
The AAT noted she had suffered significantly already from loss of employment and was sole breadwinner as a single mother.
The banning officially started from 29 January, 2021, and the term would continue on from that date.
ASIC found when Lee was a representative of ANZ, she falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client’s signature on documents.
Lee was a representative of ANZ between 5 June, 2010, and 15 June, 2017, and then worked at Infocus Securities Australia between 19 September, 2017, and 19 November, 2018.
Lee’s banning had been recorded on ASIC’s Financial Adviser Register (FAR) and the Banned and Disqualified Persons Register.
Comments
Wow sounds like she's a hardened crim and ripped off people... not at all, unlike the union thugs and actual crime still rorting people via industry fund ponzi schemes
The article states the woman forged a clients signature on documents. Plural. Are you you really indicating that this is no different to an industry fund which (agree with it or not) is a legitimate business structure? lets not get so caught up in the retail/ industry issue that we overlook poor behavior in the industry. Depending on the documents falsified this could have very serious implications for the client.
@ Anon,
You have missed the point entirely.
We are all expected to act honestly and ethically but because some have chosen to do otherwise, is why we are in the mess that we are in.
Do you think those advisers who should have always acted honestly and in the "client's best interests " should have done so and didn't , and do you think the over-reach in regulation that now pervades the financial advice industry would exist ?
Don't kid yourself, there won't be more compliance & regulation to come !
Ever since "Noah was asked to build an ark", governments think that you can legislate and prevent poor or dishonest behaviour.
Until the almighty produces the perfect "human being", the challenge will still be there.
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