Jailed adviser sees AFS licence suspended
The Australian financial services (AFS) licence of a Alice Springs-based wealth management firm has been suspended after its sole director was jailed.
The Australian Securities and Investments Commission (ASIC) said the AFS licence for HJ Shortland & Co Wealth Management Pty Co had been suspended for six months from 20 June, 2022.
This was because the firm had ceased to carry on a financial services business as its sole director, Harris Shortland, was incarcerated.
Shortland was sentenced in the Supreme Court of the Northern Territory last December for six and half years for importing and smuggling 40 grams of cocaine into Alice Springs during 2017 and 2018.
He had lodged an appeal against his conviction which was due to be heard later this year.
ASIC said the six months suspension had been taken to allow time to his appeal to be heard and determined to ensure it took the necessary steps to meet the obligations of an AFS licensee before recommencing its business.
The licensee could apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
AUTHOR
Laura Dew
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