ASIC bans former Concentric Financial Planning director

The Australian and Securities Investments Commission (ASIC) has disqualified the former director of Concentric Financial Planning, Mark Travis Goldenberg, from managing corporations for five years.

The ban follows an investigation into Goldenberg’s role in four failed financial services companies.

Goldenberg was an authorised representative of Mortimer Close, Terra Firma Capital, Concentric Private Wealth Management and Concentric Accounting, which were all placed into liquidation between October 2008 and March 2009.

The ASIC investigation found that Goldenberg either failed to understand the role and duties of a director or failed to perform his duties as a director with regards to company deficiencies at the time of liquidation, the value of liabilities and a failure to pay tax debts, failure to maintain proper records and generally poor management of the companies.

The decision to prohibit Goldenberg from managing a company for five years follows a previous decision taken by ASIC to permanently ban Goldenberg from providing financial services and the cancelation of Concentric Wealth Management’s financial services licence.

Goldenberg has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s latest decision while the investigation into Mortimer Close and Goldenberg is ongoing.