ASIC pursues banned adviser
TheAustralian Securities and Investments Commission(ASIC) is continuing to pursue Macquarie Towns Financial Services director John Michael Higgins, after yesterday calling on the banned adviser to answer 21 charges of dishonest misconduct in the Downing Centre Local Court in Sydney.
The former authorised representative and financial adviser is charged with 15 counts under the NSW Crimes Act of cheating or defrauding while a director of Macquarie Towns.
Higgins, who was a director of Macquarie Towns Financial Services from October 1985 to October 2003, is also facing six counts under the Corporations Act of dishonest conduct in relation to a financial product or financial service, while carrying on a financial services business.
The on-going case dates back to August 2002 when ASIC obtained an injunction restricting Higgins from providing financial products or services advice, or dealing with clients' funds. The injunction was finalised in November of the same year.
Higgins was permanently banned by ASIC in July last year and prohibited from acting as a representative of a securities dealer or of an investment adviser and from providing any financial services.
Higgins did not enter a plea yesterday and is scheduled to reappear at the Downing Centre Local Court on July 6 2004.
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