Adviser banned for attending AFL Grand Final sees sentence reduced
A Melbourne financial adviser banned for 10 years for breaching COVID-19 lockdown rules to attend the AFL Grand Final in Perth has seen his banning reduced in an appeal.
Mark Christopher Babbage was banned in April 2022 by ASIC from providing financial services or engaging in credit activities for 10 years.
Babbage was an authorised representative of Wealthsure Pty from 6 February 2013 until 5 March 2014 and Capstone Financial Planning from 6 March 2014 until 14 October 2021.
In 2021, Babbage was arrested and charged with breaching COVID-19 travel laws and falsifying documents to attend the AFL Grand Final in Perth. His plan involved deceiving officials in the Northern Territory and Western Australia about his place of residence and timing of the trip.
He then attended the match between the Melbourne Demons and Western Bulldogs but was apprehended by police shortly after the game and driven back to Perth where he was remanded in custody and charged with multiple criminal offences.
After pleading guilty, he was sentenced to a 10-month jail sentence of which he served three. He pleaded guilty to further offences in the Northern Territory and received suspended sentences.
However, the Administrative Appeals Tribunal (AAT) has since varied ASIC’s banning decision and opted to ban him for six years rather than 10.
In a statement, senior member O’Donovan, said: “ASIC through its regulatory guides has made clear that conduct involving fraud and dishonesty would generally attract a banning order of more than 10 years.
“On the other hand, there are significant factors personal to the applicant which argue for a shorter, narrower ban. First, he has already been harshly dealt with and I am sure has learnt that there are serious consequences for behaving as he did. Second, if a banning order of any significant length is imposed he will be forced to find a different profession and retrain. His clients will lose the benefit of his skills as will the companies to which he has provided his services. Third, his conduct did not harm a client and, it has to be conceded it did occur in unusual circumstances.
“In light of these personal matters I have decided not to impose a 10-year ban. However, given the nature of the dishonesty which included forging bank statements and misleading public officials, the applicant’s lack of insight and the need to emphasise to participants in the financial and credit industries the fundamental importance of honesty in the work that they do, a significant ban which excludes the applicant from participation in the industry is appropriate.”
AUTHOR
Laura Dew
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
