Lifetime ASIC ban for former AMP agent
By Ben Abbott
TheAustralian Securities and Investments Commission (ASIC) has permanently banned a former AMP Superannuation agent imprisoned for cheating anddefrauding two of his former clients.
Harold Frederick Moses, of Vaucluse,Sydney, was convicted on two counts ofcheating and defrauding in late 2003,and sentenced to two years and 10months jail on the first count and 12months on the second.
As a result of Moses’conviction for a“serious fraud”, ASIC formed the viewthat he should be permanently bannedfrom acting as a representative of a dealeror investment adviser.
An ASIC investigation found thatMoses, who operated a superannuation intermediary business through hiscompany Baxters Holdings, acceptedcompulsory employer superannuationcontributions from two of his formerclients between 1993 and 1997, butfailed to remit $340,000 to the relevant superannuation funds.
These funds, which should have gonetoAMP , Mercantile Mutual andHost-Plus , were used by Moses for his ownpersonal benefit.
Moses resigned as an AMP agent inJune 1994, but continued to receive thesuperannuation contributions from hisclients, according to ASIC.
An administrator was appointed toBaxters Holdings in January 1998, withAMP and Mercantile Mutual subsequently compensating Moses’clients forthe losses suffered.
ASIC director of enforcement AllenTurton says the regulator will take actionto ensure that dishonest investment advisers, who cheat their clients out of theirretirement income, are permanentlyremoved from the industry.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
