Court halts unlicensed adviser
The Supreme Court of NSW has granted orders sought by the corporate regulator preventing a Sydney-based financial planner from leaving the country and liquidating his assets.
The orders were issued after an Australian Securities and Investments Commission (ASIC) investigation alleged Simon Finnigan and the companies he controlled, Financial Partners, Venture Capital Management and Biotech Solutions, were providing financial services to consumers without holding an Australian Financial Services Licence.
Prior to the latest set of orders, Finnigan and his companies were prevented by the court from providing any financial services or running a financial services business until May 2, 2007. The companies’ assets were also frozen until this time.
Following its investigation, ASIC expressed concerns that Finnigan may have misled investors as to his licensing status, raised investors’ funds for use in his own ventures, and may have misapplied investors’ monies.
The regulator contends Finnigan’s action may have resulted in $4 million worth of investments being made to the companies he controlled.
ASIC is continuing its investigations into this matter.
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