Adviser banned
The corporate regulator has permanently banned a former Tasmanian-based financial planner from providing financial advice after finding that he had manipulated his employer’s computerised trading system to receive thousands of dollars in undeserved commissions.
The Australian Securities and Investments Commission (ASIC) found Adam Grant, who worked in established financial advisory and stockbroking firm Shadforths’ Tasmanian office from July 1999 to August 2005, altered broker codes in the company’s trading and reporting system when processing 839 transactions. The broker codes were used to calculate commissions owed to the company’s advisers and, by manipulating them, Grant was able to receive $28,678.48 in undeserved commissions.
Grant has co-operated with the ASIC investigation and repaid the money.
In a statement, ASIC said Grant, who is now based in Kew, Victoria, had failed to comply with financial services law and there was reason to believe he may not comply in future. Grant is entitled to lodge an application with the Administrative Appeals Tribunal for a review of the decision.
AUTHOR
Justin Knight
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