Former Sydney adviser banned
A former Sydney-based financial adviser has been permanently banned from providing financial services by the Australian Securities and Investments Commission (ASIC) for deceptive conduct involving $1 million of clients' assets.
Darren Wise, who worked at Financial Planning Services (Australia) Pty Limited (FPSA), was banned after he pleaded guilty to three charges of dishonestly gaining a benefit, creating and using false documents involving over $1 million of clients' assets.
In banning Wise, ASIC considered the fact that he had engaged in misleading and deceptive conduct involving the sale of a client's securities without their consent or knowledge, and then continued to deceive and mislead the client about the sale for many years by making falsely represented dividend payments.
ASIC found that Wise was likely to reoffend and breach financial services laws in the future, and was not of good fame or character.
ASIC's Deputy Chairman Peter Kell said: "Mr Wise's conduct demonstrates a clear disregard for his obligations as a financial adviser and for the interests of his clients. It is appropriate that he be permanently removed from the financial services industry".
Wise had pleaded guilty in the Maroochydore Magistrates Court in January this year for creating six applications for margin loans which falsely claimed the clients had agreed to act as guarantors for the loans.
Wise obtained $1,070,700 under the margin loans and used the money for his own purposes, ASIC said.
AUTHOR
Malavika Santhebennur
Recommended for you
Insignia Financial is targeting its salaried financial advisers increase their revenue per adviser by 62.5 per cent over the next five years.
AWAG and Teaminvest Private Group have teamed up to offer a succession lending fund to help advice principals navigate succession planning and enjoy their retirement.
LGT Crestone chief executive Michael Chisholm believes the firm was chosen to acquire Commonwealth Bank’s personal advice arm due to its strong private market capability.
Advisers will now be able to tap into global markets on the platform through international signature managed accounts from global managers like T. Rowe Price and Lazard.
