Five year ban for unlicensed operator
The corporate watchdog has given a clear message that it is getting tough on licensing after it banned a Victorian man from the financial services industry for five years.
Rayden Patrick Nolan was issued the ban by the Australian Securities and Investment Commission (ASIC) after it discovered he had operated the now defunct Global Portfolios business without always holding an appropriate license.
Although he had a number of proper authorities from licensed securities dealers at various times, ASIC found on three separate occasions between 1991 and 2002 Nolan had operated Global Portfolios, which was placed into liquidation in October 2002, without a proper authority - once for as long as two years.
ASIC also found that Nolan had breached a promise that he would not advise or deal securities during 1999 as well as finding that he had failed to properly perform his duties in respect of certain Global Portfolio customers.
“ASIC will act to protect the interests of investors by ensuring that individuals who do not operate within the financial services laws are removed from the industry,” said ASIC deputy executive director of enforcement Allen Turton.
The banning comes just one week after the corporate regulator released a black list to consumers containing the names of individuals and companies expelled from the financial services industry since July 2003.
It is likely that more names will soon be added to the list with ASIC executive director of financial services Ian Johnston signalling last week that the corporate regulator will be taking an even tougher stance against compliance breaches in the year ahead.
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