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
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
