Unlicensed dealer restrained by ASIC
Macquarie Town Financial Planning director, John Michael Higgins, has been restrained by a Supreme Court injunction from providing financial products or services advice, or dealing with clients' funds, until further orders.
The order was made by Justice Windeyer in the Supreme Court after theAustralian Securities and Investments Commission(ASIC) became aware that Higgins was providing financial advice even though his authority to do so has been revoked.
Higgins was previously an adviser withGarrisonsPty Limited. Garrisons terminated his authority to provide advice on 12 March 2002 after discovering that Higgins had placed clients' money in his own business account.
ASIC’s director of enforcement, Allen Turton, says because of the regulators action, any clients of Higgins will be protected in their dealings with Macquarie Town Financial Planning.
The matter will next be heard in the Supreme Court on September 2, 2002.
AUTHOR
David Hovenden
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