Sydney planner permanently banned
Sydney-based financial adviser, Gavin Fineff, has been permanently banned from providing any financial services, controlling a financial services business, or performing any function involved in carrying on a financial services business by the corporate regulator.
The Australian Securities and Investments Commission (ASIC) found Fineff misused his position for personal gain which deprived clients and others of their funds.
He also engaged in misleading and dishonest conduct where he sourced over $5 million from clients and individuals as loans and, without their knowledge, gambled and lost a significant amount of those funds.
Fineff was an authorised representative of Sentinel Wealth Management from 12 December, 2011, to 20 March, 2020. He was also a responsible manager under Sentinel’s Australian financial services licence from 12 November, 2015, to 20 March, 2020.
ASIC said it also found Fineff was providing financial services outside of his authorisation from Sentinel and that he had acted in conflict, and competed, with Sentinel.
ASIC found Mr Fineff:
- Breached financial services laws by failing to act in the best interests of his clients and engaging in unlicensed conduct;
- Is likely to breach financial services laws in the future;
- Is not adequately trained or competent to provide financial services, perform any function as an officer that carries on a financial services business or control an entity that carries a financial services business; and
- Is not a fit and proper person to provide financial services, perform any function as an officer that carries on a financial services business or control an entity that carries a financial services business.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
