ASIC bans planner for dishonest share trading
The Australian Securities and Investments Commission (ASIC) has permanently banned a former authorised representative of Titanium Planners from providing services after he was convicted of serious fraud offences.
ASIC permanently banned Joshua John Doyle of Bradbury New South Wales, after he was found to have obtained approximately $173,000 to which he was not entitled through unauthorised share trading, using a client's Macquarie Bank share trading account.
At the time of the unauthorised share trading, Doyle was employed by Gateway Financial Advisors, a corporate authorised representative of Titanium Planners, and was also an authorised representative of the latter from December 2009 to September 2011.
ASIC claimed that between September 2010 and September 2011 Doyle carried out the unauthorised share trading by selling down a client's shares without their knowledge and transferring the proceeds to the client's cash management account, before transferring those funds to his own account using forged authorities.
Doyle was charged by NSW Police with a number of fraud offences in late 2011 and pleaded guilty in the NSW Local Court to dishonestly obtaining a financial advantage. Doyle was sentenced to jail for 18 months in August 2012, with the sentence suspended on condition that he enter into a good behaviour bond.
ASIC also announced it has permanently banned Leroy Bowmaker, formerly managing director of All Class Insurance Brokers, from providing financial services.
ASIC stated it held concerns regarding Bowmaker's conduct during his role as managing director of the insurance brokerage and found that he was not competent to provide financial services.
Bowmaker was the managing director of All Class from 1 March 2002 until it was placed into liquidation on 17 April 2013, with ASIC cancelling All Class's Australian Financial Services Licence after it went into liquidation.
Both Doyle and Bowmaker have the right to appeal their banning to the Administrative Appeals Tribunal.
AUTHOR
Jason Spits
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
