Former Power Loan director banned
The former director of Power Loan has been banned from providing financial services for five years, following an investigation by the Australian Securities and Investments Commission (ASIC).
Stephen McArdle was a director of a number of companies operating under the Power Loan banner, including Power Financial Planning, Power Franchise and National Finance.
According to ASIC, from November 2004 McArdle negotiated agreements on behalf of Power Financial Planning with Kebbel Securities, enabling him to earn commissions on investments made by clients in various financial products promoted by Kebbel, including Westpoint investments in Emu Brewery Mezzanine and Mount Street Promissory Notes.
Clients invested over $10 Million into McArdle’s businesses, for which Power Financial Planning received a 3 per cent commission, amounting to over $310,000.
It was also alleged that McArdle and Power Financial Planning did not hold an Australian Financial Services Licence during this period.
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