Former adviser sentenced on ASIC charges
A former Sydney-based financial planner has been sentenced to 250 hours of community service after pleading guilty in the Sydney District Court to unlawfully providing financial services advice.
The charge against the man, Mohammad Zareei of Baulkham Hills, was initiated by the Australian Securities and Investments Commission (ASIC) as part of an investigation into Progressive Investment Securities and Capital Investments Group Pty Ltd.
Zareei, a former financial adviser with Progressive, pleaded guilty to one count of unlawfully providing financial services advice on behalf of the company, which did not hold an Australian financial services licence.
He also pleaded guilty to two counts of inducing investors by making false, misleading or deceptive statements, to invest in securities known as OMIP 15-7. The investors were required to enter into agreements with Macquarie Bank for up to $300,000 in investment loans.
Zareei was permanently banned by ASIC from providing financial services in January 2005 following an unrelated investigation into the sale of Australian growth timber products and tax effective schemes.
AUTHOR
Mike Taylor
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
