ASIC bans director and authorised representative for misleading conduct
The Australian Securities and Investments Commission (ASIC) has permanently banned a former authorised representative and director of an investment trustee for engaging in misleading and deceptive conduct.
Phillip Gregory Spark, of Surfers Paradise, Queensland, was a director and officer of CS Heritage Securities Limited (in liquidation) from 20 June 2008 until he filed for bankruptcy on 29 November 2012.
Spark also was an authorised representative of CS Heritage from 2 May 2008, acted as the solicitor for CS Heritage since its incorporation until 30 January 2012 and managed all of the business' projects until he was removed on 21 February 2012.
ASIC banned Spark after it found he made false and misleading claims to induce the acquisition of a financial product claiming that CS Heritage was the trustee for the Santandar Trust, as well as providing incorrect details about the Santandar Trust.
ASIC also claimed that Spark engaged in misleading and deceptive conduct by fabricating the existence of the Trust and creating a name that resembled an actual trust — the Santander Trust — for which CS Heritage was the trustee.
CS Heritage reported Spark to ASIC in February 2012 after a transaction which involved an investment of $555,000.
At that time CS Heritage held an Australian financial services licence and was the responsible entity for several entities which acted as the trustees for a number of unregistered managed investment schemes engaged in property development in Melbourne.
Spark can request a review of ASIC's decision via the Administrative Appeals Tribunal.
AUTHOR
Jason Spits
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
