NZ man previously convicted in US gets ban from ASIC
A New Zealand man offering unlicensed financial services has been permanently banned by the Australian Securities and Investments Commission (ASIC) from providing financial services.
ASIC found that Shaun Gregory Morgan offered unlicensed financial services through a number of websites that indicated companies operated by him held Australian financial services licences and would raise funds.
In 2009, Morgan pleaded guilty to one count of bank fraud in the US District Court, Central District of Utah involving false claims of being able to raise capital, and counterfeit cheques drawn on a fictitious bank.
As a result Morgan was sentenced to a 60 month imprisonment term and 60 months of supervised release.
"ASIC will take strong action to ensure people who have a history of fraudulent conduct are not permitted to work in the financial services industry," ASIC Commissioner, John Price, said.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
