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.