ASIC bans Tasmanian manager
The Australian Securities and Investments Commission (ASIC) has permanently banned a Tasmanian manager from providing financial services for fraudulent and dishonest behaviour.
Michael John Butt of Launceston was banned following an investigation by ASIC into his conduct as the manager of the Launceston branch of GE Personal Finance Pty Ltd between June 2003 and July 2004.
ASIC found that between February 2004 and June 2004, Butt conducted himself fraudulently by applying cash payments made by clients for his own use.
ASIC had sufficient reason to believe Butt would not comply with financial services laws in the future.
The matter was referred to ASIC by GE Finance, which is an authorised representative of Hallmark General Insurance Company Ltd.
GE Finance co-operated fully with ASIC’s inquiries.
Butt left GE Finance in July 2004, but has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
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