Another adviser banned for life
TheAustralian Securities and Investments Commission(ASIC) has permanently banned a New South Wales investment adviser from providing any financial advice after he misappropriated client funds.
The adviser, John Michael Higgins of Sans Souci, had been a director of Macquarie Financial Services — unrelated to the Macquarie Banking Group — in Richmond, New South Wales, and was operating as a financial planner with the group through a proper authority fromGarrisons.
An ASIC investigation found Higgins misappropriated around $2 million from clients, failing to invest these funds in accordance with their instructions.
ASIC claimed Higgins deposited clients’ funds into the bank accounts of his business without their knowledge or consent, and used some of their funds for his own purposes.
Last week ASIC also banned a South Australian financial adviser, Shane David Holmes, for three years over advice he gave to 13 clients who invested over $520,000 in two high risk schemes.
The schemes were not approved by his proper authority provider, GWM Adviser Services.
ASIC found Holmes failed to conduct a reasonable, adequate and independent investigation of the high risk schemes, and failed to advise GWM of his involvement in them.
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