ASIC bans Rockhampton adviser
The Australian Securities and Investments Commission (ASIC) has permanently banned another adviser from the industry, with the banning of Bradley Francis Flynn.
The North Queensland based former Apogee Financial Planning representative has been banned for life from acting as an investment adviser or representative of a securities dealer.
ASIC’s action follows charges brought against Flynn by the Queensland Police Fraud Squad which alleged Flynn dishonestly applied client funds for personal use.
On March 23, 2001, Flynn responded to the allegations by volunteering himself to the fraud squad. Three days later Flynn was served with 17 charges alleging he had dishonestly applied client funds totalling $381,000 for his own use.
An ASIC spokesperson says the initial allegations were reported to ASIC and Apogee on March 14, 2001 by another financial adviser, on behalf of one of Flynn’s former clients. The client had told his new adviser that he had arranged for a $5000 investment, and the funds had not appeared.
Once Flynn’s conduct had been reported, Apogee conducted a full review and terminated Flynns proper authority on March 16, 2001.
ASIC also obtained orders from the Queensland Supreme Court freezing Flynn’s bank accounts. Apogee Financial Planning, a subsidiary of National Australia Bank, will compensate clients disadvantaged by Flynn’s actions.
Flynn is scheduled to appear in the Brisbane Magistrates Court on July 26, 2001.
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