Ex-Macquarie adviser banned


Queenslander, Brett O'Malley, has been banned from providing financial services for five years after the Australian Securities and Investments Commission (ASIC) found he had engaged in unauthorised discretionary trading on nine client accounts.
O'Malley was a representative of Macquarie Equities Limited (MEL) from December 2009 to January 2013.
An ASIC investigation found that between February 2010 and November 2012, O'Malley, had engaged in discretionary trading on clients' accounts, despite MEL prohibiting such activity since 2004.
ASIC stated that O'Malley breached the financial services laws by holding out and representing to those clients that he was authorised by MEL to operate discretionary trading account in circumstances where he was not.
ASIC also found that the Queensland-based adviser had created records on behalf of clients that falsely indicated that he had provided advice to the clients prior to trading when he had not, in circumstances where he had engaged in unauthorised discretionary trading.
MEL has commenced a review process to compensate clients of O'Malley for any losses suffered as a result of his conduct as part of a broader client remediation process, which has been undertaken by MEL as agreed under an enforceable undertaking accepted by ASIC in January 2013.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.