Former FPSA adviser Darren Wise of NSW has been permanently banned from providing financial services.
The ban follows an investigation and criminal action against Mr Wise which resulted in him pleading guilty in the Maroochydore Magistrates Court to three charges of dishonestly gaining a benefit, the making of false documents and use of false documents involving more than $1 million of his clients' assets.
"In determining to ban Mr Wise from financial services, ASIC also took into account misleading and deceptive conduct by Mr Wise, involving the sale of a client's securities without their authorisation or knowledge," the statement from ASIC said.
"Mr Wise then continued to mislead and deceive the client about the sale for a number of years by continuing to make falsely represented dividend payments," it said.
ASIC deputy chairman Peter Kell said: "Mr Wise's conduct demonstrates a clear disregard for his obligations as a financial adviser and for the interests of his clients. It is appropriate that he be permanently removed from the financial services industry."
Mr Wise has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
SUBSCRIBE TO THE IFA DAILY BULLETIN
30 Jun 2016ASIC removes Macquarie licence conditionsBy Staff Reporter
30 Jun 2016FPA, AFA propose more adviser education changesBy Staff Reporter
30 Jun 2016JBWere announces new reporting softwareBy Staff Reporter
30 Jun 2016Face time the key to rapid growth, survey saysBy Staff Reporter
30 Jun 2016Link Group teams up with Ignition Wealth on robo-adviceBy Staff Reporter
30 Jun 2016Global SMAs reduce admin burden and costs: Hub24By Adrian Flores
- view all