Adviser banned for concealing criminal past
A financial adviser who deliberately concealed a criminal past from two prospective employers has been permanently banned from providing financial services.
The Australian Securities and Investments Commission (ASIC) banned Philip John Lines, of McLaren Flat in South Australia, who was an authorised representative of Elders Trustees from 2001 to 2005 and Financial Wisdom during April 2005.
It followed an ASIC investigation that found Lines had failed to inform either of the employers in his job application that he had twice been convicted of fraud.
Lines was also found to have breached financial services laws by failing to provide a client with a statement of advice, and also failing to maintain documents to support recommendations to his clients.
He was also found to have written and distributed a letter purporting to be from his practice manager claiming that he was unable to attend court for a civil proceeding, and also denied his true identity to a process server.
ASIC deputy director of enforcement Allen Turton said Lines’ ban was an example of the regulator’s “commitment to protecting investors by working to remove bad apples from industry”.
He said the case demonstrated the need for Australian financial services licensees to “properly check that the staff they employ don’t have a history of dishonesty or negligence”.
Lines has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.
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