WA adviser gets permanent ban
TheAustralian Securities and Investments Commission(ASIC) has permanently banned Kevin Trezona, formerly a director and authorised representative of Investment Planners (Australia), from acting as a representative of a dealer or as an investment adviser.
ASIC found Trezona, of Western Australia, had not performed his duties as an authorised representative efficiently, honestly and fairly.
The regulator says that over a substantial period, Trezona failed to have a reasonable basis for the investment recommendations he gave and failed to disclose substantial benefits or advantages he would receive in connection with recommendations to clients about securities.
ASIC says Trezona also engaged in misleading or deceptive conduct and made offers of securities without lodging a disclosure document with ASIC.
In other recent enforcement action, ASIC issued a fresh warning to responsible entities (RE) of managed investment schemes, saying they must take full responsibility for their schemes if they are to comply with the Corporations Act.
The warning came as ASIC ordered a Western Australia-based RE to restructure seven schemes due to the relationship between the scheme manager and the RE.
According to ASIC, scheme members can appoint a manager for the scheme, but the law is breached if the manager effectively becomes responsible for operating the scheme.
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