Melbourne adviser banned
The Australian Securities and Investment commission (ASIC) has permanently banned a former Melbourne securities representative, Richard Long Chin Joon, from acting as a representative of a dealer or an investment adviser.
The Australian Securities and Investment commission (ASIC) has permanently banned a former Melbourne securities representative, Richard Long Chin Joon, from acting as a representative of a dealer or an investment adviser.
The ban follows an investigation that revealed a widespread course of misconduct by Long involving a number of his clients’ investments.
ASIC says it is aware of unauthorised share trades of over $350,000. It also found that Long falsified statements regarding clients shareholdings and dividend re-ceipts, and that he made unauthorised withdrawals from client cash management accounts.
Long’s proper authority to act as a securities representative was revoked when his misconduct was discovered.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
