ASIC permanently bans former Commonwealth Financial Planning adviser
A former Commonwealth Financial Planning adviser has been permanently banned by the Australian Securities and Investments Commission (ASIC) after it was found he had forged the signatures of four of his clients.
Anthony Awkar's banning brings the total number of actions that the regulator has brought against former Commonwealth Financial Planning employees to five.
Awkar was employed by the subsidiary of the Commonwealth Bank of Australia as a financial adviser and authorised representative from May 2008 until resignation in June 2010.
According to ASIC, he was ranked as one of CFP's top financial advisers.
"ASIC found that Mr Awkar's conduct was not isolated, and did not arise from inadvertence, ignorance or mistakes," ASIC commissioner Peter Kell said.
"Rather, he behaved in a deliberately dishonest manner on numerous occasions over a period of almost two years and in relation to a number of clients," he said.
The regulator's investigation found that Awkar engaged in dishonest conduct by forging the signatures of four clients on such documents as statements of advice, financial needs analysis documents, applications for financial products and financial services guide receipts.
ASIC stated that he induced another person to deal in a financial product by dishonest concealment of material facts - notably, fee information attached to product advice.
In one instance, ASIC found that one of Awkar's financial needs analysis documents stated that the mother of a client had recently passed away, when - at the time - she was still alive.
The majority of Awkar's clients have subsequently been reimbursed by CFP for any losses arising from misconduct, and Awkar has the right to appeal to the Administrative Appeals Tribunal to seek a review of ASIC's decision.
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.
