A Sydney adviser has been permanently banned from providing financial services by the Australian Securities and Investments Commission (ASIC).
ASIC investigations found that Alan Leslie Brown of Lugarno, Sydney south, had not complied with financial services law and that he was unlikely to comply with this law in the future.
Brown was an authorised representative of Bridges Financial Services from June 7, 2007, to May 13, 2008. ASIC stated that, with the assistance of the licensee, it discovered that between July 2002 and July 2008 Brown “carried on a financial services business without holding an Australian financial services licence, engaged in dishonest conduct by transferring funds from clients’ accounts without their knowledge or authority for his own purpose, and engaged in misleading or deceptive conduct in relation to the transfer of funds from clients’ Macquarie Cash Management Trust accounts for his own purpose”.
Brown has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
