Adviser banned over SMSF advice
The Australian Securities and Investments Commission (ASIC) has permanently banned a former Perth-based financial adviser from the financial services industry.
An investigation by the regulator found that Marion Joan Pearson was engaged in dishonest and misleading or deceptive behaviour, while providing advice to self-managed superannuation fund (SMSF) clients.
ASIC reported that Pearson, who is now residing in New Zealand, is the sole director and shareholder of Colisa Pty Ltd, which traded as Anmar Financial Consultants and was an authorised representative of Ballast Financial Management Pty Ltd between 1 November 2007 and 30 October 2013, when Ballast revoked her authorise representative status.
ASIC found the Pearson:
- engaged in conduct that was dishonest- including creating documents to disguise the fact that client money was paid into Colisa's bank account without the relevant client's knowledge or authority; and
- engaged in conduct that was misleading or deceptive, in that she misled Ballast and specified clients into believing the clients' funds were placed in particular investments, when in fact, she had not done so.
AUTHOR
Nicholas O'Donoghue
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