Bankrupt planner banned from advising
A financial planner from Wollongong, New South Wales, has become the latest adviser to incur the wrath of theAustralian Securities and Investments Commission(ASIC).
ASIC has banned Dennis Ralph Anthony from acting as a representative of a securities dealer or an investment adviser for three years.
The now disgraced financial planner worked for licensed securities dealer Australian Investors Forum (AIF), based in North Sydney, NSW.
An ASIC investigation found Anthony participated in the management of AIF and related companies while he was an undischarged bankrupt, and also caused AIF to offer shares in AIF to investors without providing a disclosure document.
Further, between March and October 2001 AIF raised more than $2.2 million from investors in advance of a promised listing on the ASX, which never occurred.
The industry regulator also found Anthony permitted AIF to handle client funds and engage in discretionary trading in breach of restrictive conditions on the group’s licence. In some instances, client funds were transferred to companies associated with AIF’s directors.
The group was placed into liquidation in August 2002 following Supreme Court proceedings brought by ASIC against the company and its directors.
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
