Ex-AMP planner banned and convicted

amp-financial-planning/ban/ASIC/ASIC-ban/

18 August 2017
| By Jassmyn |
image
image image
expand image

Former AMP Financial Planning financial adviser, Daniel Joseph Noonan, has been permanently banned by the corporate watch dog from the credit and financial services industries, after he was convicted of 97 counts of fraud and 10 counts of stealing.

The Tasmanian adviser pleaded guilty in the Supreme Court of Tasmanian on 23 June 2017 and was sentenced to six and a half years’ imprisonment with a non-parole period of half that sentence.

Noonan was found to have misappropriated $2,495,117 from 14 clients over a period of nine years when he was an authorised financial services representative of AMP Financial Planning.

The Australian Securities and Investments Commission (ASIC) said Noonan used the money that he fraudulently obtained or stole to gamble or replace sums already misappropriated.

Justice Escourt of the Supreme Court of Tasmania described Noonan’s crimes as “egregious violations of his fiduciary duty to his clients”.

ASIC deputy chair, Peter Kell, said “ASIC will act to remove people from the credit and financial services industry who act dishonestly and breach the trust of their clients”.

The banning was effective from 15 August 2017 and Noonan has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 1 day ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 1 hour ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5