Former Ord Minett adviser banned
The Australian Securities and Investments Commission (ASIC) has placed a four-year ban on former Ord Minett Jardine Fleming Futures director and futures adviser Christopher Maddocks.
ASIC banned the Newport NSW based adviser as a result of unauthorised discretionary trading and allocating trades on a preferential basis.
ASIC Queensland director regulatory projects, Jan Speirs, says Christopher Maddocks has fallen short of the standards required of a representative of a futures broker and was perceived to be a public threat.
This banning follows an ASIC investigation into several former Ord Minnett futures advisers which has resulted in the criminal conviction of another adviser. Ord Minnett has also entered into an enforceable undertaking to engage an independent compliance consultant to review and report on its upgraded internal compliance systems.
ASIC believes Christopher Maddocks did not perform and would not perform efficiently, honestly and fairly, the duties of a futures broker or those of a representative of a dealer or an investment adviser.
ASIC considers that his conduct was in breach of the Corporations Law, Sydney Futures Exchange (SFE) By-laws and Ord Minnett's internal trading policies.
Ord Minnett undertook internal investigations into the trading activities of Christopher Maddocks between December 1998 and January 1999 and forwarded the results of its investigation to the SFE.
The SFE undertook its own investigation and their Business Conduct Committee reached an agreement with Christopher Maddocks that imposed a penalty on him for his failure to comply with SFE rules. The SFE also referred Christopher Maddock's conduct to ASIC.
As a result of Christopher Maddock's conduct, Ord Minnett offered compensation to investors affected.
Recommended for you
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
