ASIC bans financial adviser and insurance broker
The Australian Securities and Investments Commission (ASIC) has permanently banned an ANZ bank representative and a former insurance broker after they were found to have misappropriated clients’ funds.
According to ASIC, former ANZ representative Jose Porcia misappropriated approximately $160,000 of clients’ funds in 2003.
ASIC banned Porcia following his conviction for falsifying documents in the Downing Centre Local Court on December 6.
At the time, Porcia worked at the ANZ branch in Campsie, New South Wales.
ASIC also banned Dennis Whittaker after his conviction in Sutherland Local Court on June 16 for misappropriating client funds in excess of $120,000 between 2002 and 2005.
Whittaker was employed as the general manager and accountant of Carrington Insurance Brokers for over 20 years.
According to ASIC, the court found Whittaker had deposited company cheques into accounts held in his and other family members’ names and used these funds to pay his personal expenses.
According to ASIC, both ANZ Bank and Carrington Insurance notified the regulator of these issues and co-operated fully during its inquiries.
“Members of the public have a right to expect that those who provide financial services act honestly at all times,” ASIC executive director (compliance) Jennifer O’Donnell said.
“Early reporting to ASIC by financial services licensees of misconduct by their representatives assists ASIC to take action of this kind.”
Whittaker and Porcia have the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.
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