ASIC bans BBY adviser for 10 years
Perth-based financial adviser Sergio Belardo has been banned from the industry for 10 years, after the Australian Securities and Investments Commission (ASIC) found he had been advising against clients’ best interests on investment strategy.
ASIC found clients of Belardo had implemented various investment strategies on his recommendation that involved entering an equity position and generation income by selling ‘call’ options, while also buying a ‘put’ option for downside protection.
Consequently, ASIC found Belardo has engaged in unauthorised discretionary trading on multiple client accounts, provided clients with inaccurate information, and worked against the agreed statement of advice (SOA).
"Financial advisers are expected to act with honesty and in the interests of their clients,” said ASIC commissioner Cathie Armour.
“ASIC will take action against those who breach their clients' trust.”
AUTHOR
Hope William-Smith
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