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.
Recommended for you
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.