Federal Court confirms planner banning
The Australian Securities and Investments Commission (ASIC) has succeeded in arguing to the Federal Court that it overturn an Administrative Appeals Tribunal (AAT) decision to lift a ban on a Queensland financial adviser.
The regulator announced this week that the Federal Court had overturned the AAT decision with respect to ASIC’s banning of Shaun Bruce Bond, who was the sole director and a financial planner for Strategic Wealth Advice Pty Ltd, which is now under external administration.
ASIC in August 2008 banned Bond for five years from providing financial services following an investigation that found he had engaged in market manipulation by taking part in two or more financial transactions that had the effect of creating an artificial price for shares in Prime Retirement and Aged Care Property Trust Ltd.
The AAT overturned the banning decision in January last year, but the Federal Court on Friday ordered the decision of the tribunal be set aside.
AUTHOR
Mike Taylor
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