Former Mawson’s adviser banned
A former Mawson Securities authorised representative, Robert Pierre Macville, has been permanently banned from providing financial services after the Australian Securities and Investments Commission (ASIC) in June this year brought six charges of fraud against him.
Macville, of Maroochydore in Queensland, allegedly redirected the funds of Mawson’s clients, totalling $467,432, into his own private company Macville & Gibson Holdings between March 2001 and July 2003.
Mawson Securities terminated Macville’s employment in March 2004 for failing to comply with the provisions of its Australian Financial Services Licence and referred the matter to ASIC.
ASIC’s deputy executive director of enforcement Allen Turton said the regulator would act quickly to remove participants from the financial services industry who failed to comply with the law when dealing with client funds.
Macville has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision to ban him from providing financial services.
The fraud charges are being prosecuted by the Commonwealth Director of Public Prosecutions and the matter has been adjourned until October 27, 2005 in Maroochydore Magistrates Court.
Macville has been released on bail, and required to surrender his passport.
Recommended for you
Financial advisers are demonstrating growing interest in crypto ETFs, with momentum pushing assets in these products past $800 million.
AMP CEO Alexis George has said addressing Australians’ retirement concerns should be "front and centre for policymakers” after its research revealed only half of Australians are confident about their retirement.
LGT Crestone has announced a rebrand, marking a “decisive milestone” following its acquisition of Commonwealth Bank’s high-net-worth financial advisory business in June.
The launch of a low-cost menu for BT Panorama will allow advisers to service a wider range of clients from one platform and potentially run a more profitable business, according to specialist Recep Peker.
