SA adviser permanently banned
South Australian financial adviser Graeme Edward Smith Hall has been permanently banned from acting as a representative of a securities dealer by the Australian Securities and Investments Commission (ASIC).
Hall was found by the watchdog to have lost $1.15 million from nine of his clients after he paid their money into his private company, Graeme Hall and Associates, currently in liquidation.
Hall was a representative of Ausfin Management Services from 1997 to October 2000. Following that he was an authorised representative of Transocean Financial Services until August 2001.
Hall was able to exploit his clients by nominating his own address on their investment redemption forms and by having his clients sign documents which were only partially completed, which Hall later filled in after obtaining signatures.
ASIC says it will ensure Hall’s clients are fully compensated where possible while the Serious Fraud Investigation Branch of the South Australian Police continues its investigations into Hall’s activities.
“ASIC will not tolerate advisers who use their positions for their own gains, and will not hesitate to take action to protect the public from advisers who cannot be trusted in their industry,” ASIC director of enforcement Jamie Orchard says.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
