Westpoint collapse claims another adviser
The Westpoint collapse has claimed another financial planning victim, with the Australian Securities and Investments Commission this week banning a man from providing financial services for seven years.
The banning brings the number of advisers banned in relation to Westpoint to 16.
The regulator announced this week that it had banned Neville Pradeepkumar Emerson of Penrith as a result of events between 2002 and 2004, when he advised clients to invest in promissory notes offered by Ann Street Mezzanine Pty Ltd (ASM), a company associated with Westpoint Corporation Pty Ltd.
It said that at the time of the activities, Emerson was employed by Outrun Financial Advisors Pty Ltd.
ASIC said an investigation had found that Emerson had attempted to disguise deficiencies in his advice and record keeping by creating and backdating records relating to the advice he had given.
The regulator also found that Emerson failed to have a reasonable basis for the advice he provided and had engaged in conduct that was misleading, deceptive or likely to mislead or deceive in breach of the Corporations Act.
Emerson has the right to appeal to the Administrative Appeals Tribunal.
ASIC noted that Emerson had also been a representative of Professional Investment Services from May 30, 2002, until February 28 last year.
AUTHOR
Mike Taylor
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