Adviser banned for Nigerian scam
THEAustralian Securities and Investments Commission(ASIC) has permanently banned another financial adviser from the industry after involvement in a notorious Nigerian letter scam.
Proceedings against Victorian-based adviser Robert Andrew Street were initiated in the Federal Court late last year following an ASIC investigation that led to the revelation he had channelled up to $700,000 of clients’ funds to individuals or entities linked to a Nigerian letter scam.
The lost money has not been recovered.
ASIC has accepted an enforceable undertaking from Street that he be permanently excluded from the financial services industry. The Federal Court also ruled that Street’s company — Tira — be wound up.
Street has undertaken to no longer deal in any securities or give investment advice, apply for a licence to provide any financial service, or act as a representative of a financial services licensee, securities dealer or investment adviser.
The ASIC investigation will continue. However, Street may apply to have the terms of the undertaking varied or revoked.
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