ASIC moves against former Saxby adviser
By Jason Spits
TheAustralian Securities and Investments Commission(ASIC) has permanently banned a former Saxby Bridge Financial Planning adviser from acting in the industry after it found he acted without holding a licence.
The regulator banned 32-year-old Max Valentino, (formerly known as Max Soud), from acting as a representative of a dealer or investment adviser after it found he had not performed the duties of a representative of a securities dealer honestly and fairly, and had failed to comply with financial services law.
According to ASIC, Valentino was an authorised representative of Saxby Bridge from March 1997 to July 2001 but after that authorisation ceased, he made a personal securities recommendation to anAXA Australiaclient, without holding a licence.
ASIC also found the product recommended — Axamillion Pty Limited — was not an AXA Australia investment product and Valentino transferred the client funds into his own company account, Maximillion Pty Limited, without the client’s permission or knowledge.
AXA referred the matter to the attention of ASIC, which was also supplied with information from the NSW police. The investment group has compensated the client for losses generated by Valentino’s misconduct.
ASIC says further investigation is under way of Valentino, who was declared an undischarged bankrupt on June 13, 2003.
AUTHOR
Jason Spits
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