ASIC bans Western Australian adviser
A West Australian financial planning firm, Concentric Wealth Management, has had its financial services licence cancelled and its authorised representative, Mark Travis Goldenberg, permanently banned from providing financial services, following action by the Australian Securities and Investments Commission (ASIC).
The regulator said Goldenberg’s authority to act as an authorised representative had been revoked following an ASIC investigation, which found he failed to provide appropriate advice to a client and had failed to declare a conflict of interest.
ASIC found that Goldenberg recommended that a client invest in a company, Mortimer Close, in a Statement of Advice without disclosing that he was the company’s sole director. It said Goldenberg had also failed to disclose that the investment was high risk.
It said its investigation had also found that Goldenberg had failed to comply with the requirement to provide a Statement of Advice in accordance with the Corporations Act and the requirement not to engage in misleading or deceptive conduct.
ASIC had already suspended Concentric’s Australian Financial Services Licence in September last year following the appointment of a receiver and manager. In December the Federal Court ordered that Goldenberg be restrained from dealing with his personal assets and appointed a provisional liquidator to his company, Mortimer Close.
ASIC said it was continuing to investigate Mortimer Close.
AUTHOR
Mike Taylor
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