Which advisers have come under ASIC’s scrutiny?

In the final days of the financial year, Money Management reviews the number of charges made against current and former financial advisers by the Australian Securities and Investments Commission (ASIC).

The regulator had been busy issuing statements, especially in the past few weeks regarding misconduct by financial advisers in the six months of 2021/22.

Earlier this week, an Adelaide financial adviser, Tai Thanh Nguyen, who had been permanently banned by ASIC in 2019, was charged with seven counts of allegedly falsifying his company books.

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A former Queensland adviser, Lawrence Toledo, was convicted and fined $1,500 in May after pleading guilty to three charges of breaching an ASIC banning order. He had been banned in 2017 for seven years after ASIC found he had failed to act in the best interests of his clients when advising them to establish a self-managed superannuation fund (SMSF) to purchase properties.

In May, a former financial adviser in Tasmania, Ashley Grant Howard, was charged with 17 offences for falsifying transfer forms to arrange for shares to be transferred between parties without the knowledge and approval of shareholders.

Another former adviser from Pymble, NSW, Ezzat-Daniel Nesseim, was sentenced to a three-year intensive correctional order for engaging in dishonest conduct and providing falsified documents to ASIC. He also knowingly made use of fabricated evidence including doctored emails and purported witness statements in a hearing with ASIC.

A Melbourne-based adviser, Mark Christopher Babbage, was banned in April from providing financial services or engaging in credit activities for 10 years as ASIC felt he lacked the honesty and integrity to participate in financial services or credit industries.

At the start of the year, ASIC ordered RI Advice to pay $6 million for failing to take steps to ensure its authorised representative and former adviser, John Doyle, provided appropriate financial advice and acted in his clients’ best interests.

The regulator had previously stated there were four civil financial advice misconduct and two administrative cases concluded between 1 July and 31 December, 2021.

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So 5 advisers plus RI out of how many? 15 -16,000 maybe? If that's the case, I'd like to know why we are paying an ASIC levy, looking at contributing to a cash pot of last resort (held by the Government I'm sure in general revenue) and witnessing another Financial Services Enquiry? Plus if you ignore your banning order, you can make millions before you get a $1,500 fine. And ASIC, if I may ask, is a banned adviser still an adviser in your eyes?

After 3 decades I'd like all of these incompetent organisations to "LEAVE US THE @#$% ALONE"!!!!

100% - where is the monthly reporting and yearly 'lists and premiership boards' in the media and newspapers for all of the banned doctors, lawyers, accountants, engineers and every other 'professional'? Oh that's right, these professionals don't have any misconduct, breaches or unethical behaviour participants in their professions.

Mark Babbage was a home loan salesman I believe with barely any qualifications. Only qualifications on the register is a cert iv in home loan sales and a diploma of financial planning. Glad el stupido is gone.

Remember what dopey did? crossed border lines flouting covid laws to watch the AFL grand final.

As for lawyers look up Dominique Grubisa lawyer cum/ property coach who was banned by asic from providing credit services for four years and the funniest thing asic said about her was , “has a habit of not telling the truth” see 22-079 MR

Umm she is a lawyer by profession.

As for Accountants they don’t do paper publications of their monthly magazine anymore but when they did there would be (at the very back pages ) at least half a dozen or more disciplinary actions published each month from stealing client money to misappropriation of assets pretty serious stuff pretty regularly.

You can easily check their complaints and they have heaps by googling their annual reports it’s all in there.

Interestingly the smallest accounting body IPA seems to have the least of number of accountants disciplined it could be a function of their lower member numbers circa 50k or their higher education standard than the other two at masters level which is an AQF 9 award but interesting nonetheless.

Bubba Trump M fin plan CFP
I am here to educate, inform and entertain

Not saying these people or company should not have been banned or fined.
But when the big Banks and AMP steal $6,000,000 BILLION in Fees for no Service can ASIC please confirm if any of the big Banks or AMP execs, managers, AFSL RMs etc were banned for life and personally fined?
The hypocrisy of ASIC is beyond pathetic. Zero respect for ASICs selective behaviour.

The benchmark is set by Industry Super Funds that advertise performance figures that are two years out of date, or call certain assets that were frozen during the GFC, and paid back 80 cents in the dollar "defensive". If they're allowed to advertise their fund only costs $1.20 per week then it's sets a certain standard. How is that an AMP executive can lie to ASIC 22 times, yet a guy at Dover gets banned and the entire business folds. What we have is a corrupt regulator , and public servants more interested in looking out for that next consulting role.

The answer is simple my friends, as we learned from Kell, Medcraft, Shipton & co - ASIC is corrupt

'The regulator had been busy issuing statements, especially in the past few weeks regarding misconduct by financial advisers in the six months of 2021/22.'

I find it interesting that of the 4 advisers referred to in the article above - 3 had been banned by ASIC well and truly before the commencement of 2021. The 1 adviser that was targeted for misconduct in the relevant period, appears to be a Melbourne Support, with his misconduct being - Attending the 2021 Grand Final.

ASIC are certainly working hard, up to date and relevant!

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