Five-year ban for Sydney businessman
Barker is the sole director of Tangible Assets Financial Services, Tangible Assets, and TATL (which is currently in liquidation).
According to the Australian Securities and Investments Commission (ASIC), Barker promoted a parallel imports business purportedly run by TATL, promising a 15 per cent return every three months.
Parallel imports schemes involve purchasing goods in one country and exporting them to a buyer in another country.
Barker distributed promotional material and made verbal statements which clearly suggested TATL operated the parallel imports scheme, when in fact the scheme was run by Reseau International Trading.
ASIC found that Barker pooled the money invested in TATL and invested it in the scheme run by Reseau International Trading.
When Reseau collapsed in June 2010, over 200 investors in the TATL scheme lost $12.5 million.
Tangible Assets Financial Services voluntarily cancelled its financial services licence.
Barker now has the right to contest ASIC's banning in the Administrative Appeals Tribunal.
Recommended for you
Shaw and Partners’ new national head of private wealth believes the biggest challenge for financial advisers right now is being able to deliver efficient advice delivery amid a complex regulatory environment and growing investment universe.
Global equity manager Orbis Investments has appointed a head of marketing from Capital Group as it becomes the latest manager to target advised retail investors.
While Australia prepares for the $3.5 trillion intergenerational wealth transfer, a Wilsons Advisory report suggests the ongoing gender imbalance in the advice profession could prove a challenge to this process.
Danielle Press, a former ASIC commissioner, is to chair a new AFSL committee set up by Sequoia which seeks to improve governance practices and review its approved product lists.
