Sydney adviser banned
A Sydney-based financial adviser has been banned from providing financial services for three years.
The man, Daniel Robert Gara, of the Sydney suburb of Woollahra, was banned by the Australian Securities and Investments Commission (ASIC) from providing financial services for three years for failing to comply with financial services laws.
Gara was an authorised representative for Fundamental Group Pty Ltd, now in liquidation, and an Australian financial services licensee from October 2003 until July 2005 and was an authorised representative of Peppertree Financial Pty Ltd from November 2005.
ASIC found Gara had advised seven clients to invest a total of $863,720 into an individually managed account (IMA), which was a managed investment scheme operated by Fundamental Group, that he gave misleading and deceptive advice in that the advice erroneously led the investors to believe they would have legal title to the funds they invested in and that he acted negligently in advising the clients to invest in the IMA.
AUTHOR
Mike Taylor
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