WA financial adviser banned for life
A Perth-based financial adviser has been permanently banned from the industry after engaging in fraudulent and misleading activities, following an investigation by the Australian Securities and Investments Commission (ASIC).
ASIC’s investigation concluded that 41 year-old Todd King placed a scanned copy of a client’s signature on a document to allow the transfer of 40,000 client shares with a value of approximately $1.5 million.
King allegedly transferred funds from a client’s account for his own use in breach of an agreement with another client not to do so.
He had also accepted an appointment as a director of a client’s company and undertook unauthorised discretionary trading on a client’s account.
King was an authorised representative of Australian Stockbroking and Advisory Services between 2006 and 2009, and a director of Stripe Capital, which was a corporate authorised representative of ASANDA during the same period.
He has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.