Adviser sinbinned for creating fictitious account
A financial adviser who created a fictitious account with his employer, Barton Capital Securities, has been sidelined by the Australian Securities and Investments Commission (ASIC) from acting as a securities dealer representative until February 2003.
Damian Thomas Gill, from Elwood in Victoria, bought and sold shares through Barton using the fictitious account between May 1999 and February 2001.
He also submitted five letters to Barton supposedly signed by the client of the fictitious account, although actually signed by Gill, that requested cheques be drawn from funds in the account to pay third parties for items including furniture, motor vehicle parts and audio equipment.
In November last year, ASIC banned Gill from acting as a securities dealer representative or an investment adviser for two years.
Gill subsequently appealed the decision through the Administrative Appeals Tribunal and ASIC has now accepted an undertaking from Gill that he will not act as a representative of a dealer or an investment adviser until 13 February 2003.
Gill has also undertaken to work only as a representative of Terrain Securities from 14 February 2003 to 13 November 2003, and must comply with all requirements imposed by Terrain in relation to the opening and management of client accounts.
AUTHOR
Lachlan Gilbert
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