ASIC bans former PIS adviser

ASIC has permanently banned Southport-based former financial adviser, Grant Patrick Thompson, from providing financial services.

The regulator determined that it had reason to believe Thompson was "not of good fame and not of good character".

Thompson was a financial adviser and authorised representative of Australian financial services licensee, Professional Investment Services Pty Ltd, between December 2003 and December 2013.

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An ASIC investigation found that between at least 9 November 2012 and 16 July 2013, Thompson engaged in conduct that was counter to financial services laws. Specifically, Thompson devised a series of strategies to assist a client of his to deceive her creditors regarding the fate of her assets, with the intention of avoiding debts owed to the creditors.

The strategies involved the purported loss of funds in an overseas investment.

ASIC reported that Thompson's conduct involved the preparation of documents, the opening of accounts, the establishment of an overseas company and the arrangement of creditors for the purpose of frustrating any appointed liquidator. A letter to his client in July 2013 also contained materially false representations about the purported investment.

ASIC further found that Mr Thompson sought a fee of $70,000 for his services and an indemnity for costs, indicating the conduct was not gratuitous and was done so for reward.

ASIC Commissioner, Greg Tanzer said, "Mr Thompson's conduct demonstrated a blatant disregard for the law and failed to meet the standards expected of those entrusted to provide financial advice. As a result, ASIC believes it is appropriate that Mr Thompson be permanently removed from the financial services industry".

A spokesperson for PIS told Money Management that the company had co-operated with ASIC in its formal investigation into Thompson's conduct. 

"PIS did conduct a full internal investigation into the adviser’s conduct and as a result terminated the adviser in December 2013", the spokesperson said. 

Meanwhile, the regulator also permanently banned Roy Whye Wah Moo of Doncaster East, Victoria, from providing financial services and engaging in credit activity.

Until 2013, Moo was an Australian financial services authorised representative and an authorised credit representative of a national financial planning firm.

ASIC took action after Moo pleaded guilty in December 2013 in separate proceedings in the County Court of Victoria to one charge of dealing with money which was the proceeds of crime, where the value of the money was $100,000 or more.

Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may ban anyone who is convicted of fraud.

 

 




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