Ex-AMP planner banned and convicted
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.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
