Two advisers banned for life
Two financial advisers have been banned for life following separate investigations by the Australian Securities and Investments Commission (ASIC).
Financial Planning Services Australia adviser Shaun Daniel Fitzgerald of the Sunshine Coast has been banned for misappropriating $1.3 million from clients over a three-month period during his time at the firm between 9 December 2008 and 29 June 2010, ASIC stated.
The money was deposited into accounts of companies whose only director was Fitzgerald, and was not returned when requested by the clients, according to ASIC.
The licensee brought Fitzgerald’s conduct to ASIC’s attention, fully co-operated with the regular and has advised ASIC of compensation paid to clients, ASIC stated.
Fitzgerald was acting as a director of 360 Asset Management, an authorised representative of Financial Planning Services Australia, based in Birtinya, Queensland, according to ASIC.
Bridges Financial Services adviser Justin Robert Fraser of Wellington Point, Queensland, has been banned for misappropriating fees due to his employer during his employment between 18 August 2005 and 30 May 2008.
Bridges alerted ASIC to Fraser’s conduct, which involved creating false invoices to hide his dishonesty – although none of Bridges clients were adversely affected, ASIC stated.
Both men have the right to appeal to the Administrative Appeals Tribunal.
Update
In December 2011 the Administrative Appeals Tribunal (AAT) overturned the life ban handed to Fraser in favour of a six month ban, effectively allowing him to return to work immediately.
In handing down its decision, the AAT noted that Fraser had made full restitution of the $3,487.50 to the affected licensee, Bridges.
It also found that there was no reason to believe that Mr Fraser was not of good fame or character, and no reason to believe that he would not comply with financial services laws in the future.
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