ASIC bans Macquarie adviser

13 February 2020

Macquarie Equities financial adviser Warren Acworth has been banned by the Australian Securities and Investment Commission (ASIC) from providing financial services for engaging in misleading conduct relating to a financial product.

The Queensland adviser was working with Macquarie between December 2015 and May 2018, where he undertook trading on behalf of a client with MINI warrants, a form of derivatives that derived value from another asset.

ASIC found he had engaged in misleading conduct relating to a financial product and was dishonest in that he:

  • Misrepresented to his client the value of the client’s portfolio on 19 separate occasions;
  • Engaged in trading without proper authority of the client; and
  • Transferred $185,000 between the client’s accounts without authority.

Acworth’s banning was recorded on ASIC’s Banned and Disqualified Persons Register and he had the right to appear to the Administrative Appeals Tribunal.

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