The Australian Securities and Investment Commission (ASIC) has banned Adelaide financial adviser Adrian Cassidy for six years.
ASIC found Cassidy acted dishonestly by concealing from his licensee Godfrey Pembroke, a wholly owned subsidiary of National Australia Bank (NAB), recommendations he gave to 54 clients in 2017.
He was reported to ASIC by NAB after the recommendations were for his clients to invest in the start-up company Bux Global Limited (Bux).
Bux ultimately failed and liquidators were appointed in October, 2018.
ASIC also found Cassidy’s conduct had significant consequences for his clients and his licensee and he failed to consider those consequences when he recommended his clients to invest in Bux.
Cassidy has appealed ASIC’s decision to the Administrative Appeals Tribunal, but a hearing date is yet to be set.