Sydney man permanently banned by ASIC
The financial services regulator has once again exercised its power to ban a person who has been convicted of fraud.
George Hawa from Sydney was permanently banned from the financial services industry after he was convicted of serious fraud and sentenced to four years and nine months in total behind bars, the Australian Securities and Investments Commission (ASIC) has announced.
ASIC has the right under the Corporations Act 2001 to ban a person who has been convicted of fraud.
While unlicensed to deal in financial products, Hawa allegedly induced people to invest money in the foreign exchange market, making false representations to his clients about the past performance of monies invested with him.
According to ASIC, he had used a so-called ‘marketing sheet’ that contained false information about the performance of investments.
“ASIC’s action against Hawa reflects the Commission’s commitment to ensuring consumer confidence in the financial services industry,” the regulator stated.
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