A former Perth financial adviser has been permanently banned by the Australian Securities and Investments Commission (ASIC) after being sentenced in January for unauthorised client transactions.
Between 1 May 2020 and 21 May 2020, John Wertheimer made 48 unauthorised transactions on the trading accounts of clients using the Netwealth online trading platform.
Between 29 May 2020 and 22 July 2020, he also lodged five hard copy investment instruction documents with
Netwealth, which contained forged signatures, purporting to relay instructions to deal with financial products on behalf of clients.
On 31 January, Wertheimer was convicted and sentenced in Perth District Court to a total of 18 months imprisonment to be released forthwith after entering into a recognisance release order in the amount of $5,000 to be of good behaviour for 18 months. He was also fined $5,000 for each of the two offences.
He was convicted of one count of providing a financial service on behalf of a person who carries on a financial services business while unauthorised to do so and one count of engaging in dishonest conduct in relation to a financial service.
Wertheimer has now been permanently banned by ASIC from engaging in any credit activities or providing any financial services.
He is permanently prevented from:
- Providing any financial services or engaging in any credit activities
- Controlling an entity that carries on a financial services business or another person who engages in credit activities, and
- Performing any function involved in the carrying on of a financial services business or in engaging in credit activities.
His banning is recorded on ASIC’s Banned and Disqualified Register, and he has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Earlier this month, a Brisbane financial adviser was banned by ASIC after recommending his clients roll their superannuation into self-managed superannuation funds (SMSFs) and borrow to invest in residential property.
Stephen Garry Vick was banned from providing financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business, for five years.
