ASIC bans Macquarie adviser
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.
AUTHOR
Chris Dastoor
Recommended for you
LGT Wealth Management is maintaining a neutral stance on US equities going into 2026 as it is worried whether the hype around AI euphoria will continue.
Tyndall Asset Management is to close down the Tyndall brand and launch a newly-branded affiliate following a “material change” to its client base.
First Sentier has launched its second active ETF, offering advisers an ETF version of its Ex-20 Australian Share strategy.
BlackRock has revealed that its iShares bitcoin ETF suite has now become the firm’s most profitable product line following the launch of its Australian bitcoin ETF last month.
