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.