Westpoint aftershocks continue
A Sydney financial adviser who allegedly recommended Westpoint products to investors has been banned from providing financial services for five years, following an Australian Securities and Investments Commission (ASIC) investigation.
ASIC alleged that Andy Shen-En Chen, the former director and secretary of Investpoint in St Leonards, provided advice to clients about investing in Westpoint products that was misleading or deceptive or likely to mislead or deceive. ASIC claimed Chen breached his obligation to have a reasonable basis for the advice he gave and to act in his clients’ best interests.
Chen has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
Fifteen banning briefs in relation to advisers who advised on Westpoint products are currently under consideration.
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