WealthSure adviser banned for life
A former adviser for independent dealer group WealthSure has been permanently banned from providing financial services following an investigation by the Australian Securities and Investments Commission (ASIC).
Brian William Veitch of Minto, New South Wales was found to have engaged in dishonest conduct while acting as an authorised representative for WealthSure between December 2005 and February 2010.
ASIC alleged that during this time, Veitch transferred funds totalling $500,000 from clients’ accounts without their knowledge for his own purpose.
ASIC also accused Veitch of providing a false portfolio statement in order to mislead a client into believing that $300,000 was still in their account, when in fact it was not.
ASIC decided to permanently ban Veitch as it said he had not complied with financial services law and there was reason to believe he would not comply in the future.
Veitch has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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