A former Storm Financial representative has been banned from providing financial services for four years for making false and misleading statements and providing inappropriate advice to clients, following an investigation by the Australian Securities and Investments Commission (ASIC).
Stuart Craig Drummond of Clayfield in Brisbane was employed as a representative of Storm Financial and its predecessor, Ozdaq Securities, between May, 2004 and June, 2009.
ASIC found that during that time, Drummond promoted the Storm strategy without considering its suitability for clients, provided misleading Statements of Advice to entice investors into the Storm strategy, and had limited understanding of the risks of the products he recommended.
Drummond was also found to have breached the Corporations Act by making false and misleading statements and engaging in misleading and deceptive conduct.
He has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
