ASIC issues permanent ban against former Garrisons adviser
TheAustralian Securities and Investments Commission (ASIC)has obtained a permanent ban against a former financial adviser, John Michael Higgins, from providing financial products and financial advice, or dealing with clients’ funds.
Higgins, a director of Macquarie Town Financial Services in Richmond, New South Wales, has also agreed to compensate all consumers who suffered a financial loss as result of his misappropriating their investments.
Higgins, a financial adviser with Garrisons between 16 May 2001, and 12 March 2002, was dismissed from the dealer group after it was discovered that he was placing clients’ funds into his own business account.
As well as the permanent ban, ASIC has also obtained orders from the Supreme Court of New South Wales to have Higgins surrender his passport, sell or refinance his assets in order to repay consumers and not deal with any of his assets without ASIC’s prior written consent.
“ASIC's action will ensure that consumers are protected from further misconduct by Mr Higgins, and are appropriately compensated for any losses incurred,” ASIC director of enforcement Allen Turton says.
ASIC says its investigations into Higgins are continuing.
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