Unethical adviser awaits sentencing fate
A FORMER Sydney-based financial adviser has pleaded guilty to 15 counts of fraudulently misappropriating client funds for his own personal use after an ongoing investigation by the Australian Securitiesand Investments Commission (ASIC).
Michael John Higgins, a former authorised representative of Macquarie Towns Financial Services, has also pleaded guilty to three charges of dishonest conduct in relation to a financial product or financial service under the Corporations Act.
Higgins, who worked as an adviser in the Sydney suburb of San Souci, pleaded guilty to the charges in the Downing Centre Local Court last week.
Higgins was a director of Macquarie Towns Financial Services from October 23, 1985, to October 9, 2003, and operated as a financial adviser during this time.
The case dates back to August 2002 when ASIC obtained an injunction restricting Higgins from providing financial products or services advice, or dealing with clients’ funds. The injunction was finalised in November of the same year.
Higgins was permanently banned by ASIC in July 2003 and prohibited from acting as a representative of a securities dealer or of an investment adviser and from providing any financial services.
Higgins will be sentenced on March 17, 2005.
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