Number of adviser bannings escalates
The Australian Securities and Investments Commission (ASIC) banned a record 50 investment advisers in 1999/2000, compared to just 17 the year before.
The Australian Securities and Investments Commission (ASIC) banned a record 50 investment advisers in 1999/2000, compared to just 17 the year before.
According to the ASIC annual report, the investment watchdog banned 16 advisers for life and the other 34 for a varying number of years.
Nine of the banned advisers are those who led clients into the failed Wattle Group. Fourteen people still face ASIC criminal charges relating to the failed $165 million scheme.
Those banned for life include former Hillross adviser Ian Pavletich, who was convicted of de-frauding St George Bank chairman Frank Conroy of $350,000. He was also sentenced to three and half years jail for the crime.
Another high profile banning was WA-based finance broker Graeme Clifford Grubb who was banned over a number of charges relating to the loss of $11 million by 200 investors. Grubb is also now serving a jail sentence for the crime.
The investment watchdog received 5534 complaints from the public, which was up 5 per cent from the previous year. Just under half of those complaints were referred for follow-up inspec-tion. About 80 of these led to an investigation by ASIC.
ASIC also scored more than 20 enforceable undertakings, including Westpac and Suncorp Met-way regarding disclosure of commissions and compliance issues.
More than 1000 prospectuses were lodged with ASIC in the year to June 30, a 46 per cent jump on the previous year.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
