ASIC bans Victorian adviser
The Australian Securities and Investments Commission (ASIC) has permanently banned a former Melbourne financial adviser from providing financial services, it announced today.
David Lee Harwood operated a Victorian business, The Pension Specialists in Brighton, and was an authorised representative with Professional Investment Services Pty Ltd, ASIC said.
ASIC found that in the period between January 1991 and April 2005, Harwood misappropriated around $459,000 from 20 elderly clients.
The money plus interest, over $484 000, has since been repaid.
ASIC also found that Harwood created false documents for his clients or their representatives in order to conceal the misappropriation.
The ASIC investigation followed a breach notification they received from Professional Investment Services.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
