ASIC bans South Australian adviser
The Australian Securities and Investments Commission (ASIC) has permanently banned Trevor Wayne Carll of Port Pirie from providing financial services for acting dishonestly and breaking the law.
ASIC found that between May and July 2005, Carll fraudulently caused two of his clients to sign third party documents that resulted in $900,000 of their retirement funds being used as security for a margin loan facility he operated.
Carll’s actions resulted in the clients losing control of their retirement funds and suffering a financial loss of more than $50,000.
Carll’s banning follows an investigation into his conduct while he was an authorised representative of Financial Wisdom, Financial Planning Services Australia and Genesys Wealth Advisers between June 2004 and May 2010. It was Genesys Wealth Advisors that brought the matter to the regulator’s attention.
ASIC stated that it banned Carll in order to protect the public, deter similar conduct and maintain consumer confidence in the financial services industry.
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