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
Results are out for the latest sitting of the ASIC financial advice exam with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
