ASIC bans former ABN AMRO adviser
A formerABN AMRO Morgansproper authority holder is the latest financial adviser to be permanently banned by theAustralian Securities and Investments Commission(ASIC).
Craig Mansfield Williams, from Cronulla was banned for life from acting as a representative of a dealer or as an investment adviser, after it was found he misappropriated about $120,000 of client money.
Williams held a proper authority withABN AMRO Morgansfrom August 20,1990 to December 5, 2001 and was manager of the Hurstville store.
After learning of Williams’ conduct and the misappropriation of client’s funds late last year, ABN AMRO Morgans immediately referred the matter to ASIC and terminated William’s employment. The group also compensated all affected clients.
“I understand they [ABN AMRO Morgans] investigated some client complaints and then undertook a review. After being notified by the group we took steps to remove Mr Williams from the industry immediately,” ASIC financial services regulation acting director Sharman Grant says.
“ASIC will take action to protect the public from advisers who do not preform their duties efficiently, honestly and fairly,” she says.
AUTHOR
Nicole Szollos
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