ASIC bans former NAB adviser
Former National Australia Bank investment adviser Paul Borella has been given a five year ban by the Australian Securities and Investments Commission (ASIC) from acting as a representative of a dealer or an investment adviser.
Former National Australia Bank investment adviser Paul Borella has been given a five year ban by the Australian Securities and Investments Commission (ASIC) from acting as a representative of a dealer or an investment adviser.
An ASIC investigation found that Borella had advised clients to invest in a company in which he was both a director and shareholder.
The investment was not authorised by National Australia Bank (NAB) and lost the investors a total of $235,000.
ASIC were informed of Borella’s investment dealings by NAB, who also provided information during the investigation and arranged compensation for the losses experienced by clients.
ASIC Victorian Regional Commissioner Sue Carter says the ban was imposed because Borella’s behaviour was not in line with the high standards of integrity and competence expected and required under law.
Carter says “the banning order reflects ASIC’s determination to ensure that investment advisers operate within the law and do not abuse their position of power.”
The banning comes after recent news that ASIC had banned a record number of investment advisers, 50 in 1999/2000, compared to just 17 the year before.
According to the ASIC’s annual report, the investment watchdog banned 16 advisers for life and the other 34 for a varying number of years.
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
