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.
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