ASIC has permanently banned Daniel Joseph Noonan, a former financial adviser based in Hobart, from the credit and financial services industries.
Noonan was an adviser at AMP Financial Planning from 2004 to 2016 according to the ASIC adviser register.
After pleading guilty Noonan was banned and convicted of 97 counts of fraud and 10 counts of stealing in the Supreme Court of Tasmania on 23 June 2017, following an investigation by Tasmania Police, the ASIC statement said.
Noonan was sentenced to six and a half years’ imprisonment with a non-parole period of half that sentence.
The charges related to Noonan misappropriating a total of $2,495,117 from 14 clients over a period of nine years. During that time, Noonan was an authorised financial services representative of AMP Financial Planning Pty Ltd.
Noonan used the money that he fraudulently obtained or stole to gamble or replace sums already misappropriated. When sentencing Noonan, Justice Estcourt of the Supreme Court of Tasmania described Noonan’s crimes as ‘egregious violations of his fiduciary duty to his clients,’ the statement said.
ASIC deputy chairman Peter Kell said, ‘ASIC will act to remove people from the credit and financial services industry who act dishonestly and breach the trust of their clients.’
The banning is effective from 15 August 2017.
Noonan has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
[quote=tired of blame shifting !]Stop blaming the Licencee will change the industry culture , advisers are the only one responsible !!! Its always someone else’s fault !! Man up industry and it will become a profession !!! [/quote]
Those wishing to be a “professional” will need to comply with 923A, and more than likely be self licensed.
Its blatantly obvious that the annual AMP Audit of THEIR representatives is a complete failure. 12 years of failure to be precise.. AMP are entirely responsible for THEIR representatives, however many of those affected i’m believe have still not received any compensation. Complete lack of moral fibre AMP……….
Interestingly, the ONLY qualification this Adviser held was “AMP Financial Services Competencies Program 2001” (according to the FAR on 18/08/17).
more qualifications than most AMP advisers. 😀
A good example of statistical double counting – the banning order is presented as a regulatory outcome when it was just the inevitable consequence of the criminal matter. More generally, it seems surprising that AMP’s systems were such that such that a very large amount of money was able to be stolen from a number of clients over a lengthy period.
Just plain foolish! What is in peoples heads to be dishonest and jeopardise so much in life. Without integrity and honesty, you really don’t have much.
AMP abjectly failed to protect all Australians from the conduct of their authorised representative.
Opt in, was meant to stop this behavior and restore confidence in the financial services industry..
Gambling…
Fraud and stealing can happen in any industry. The matter is a police matter. After Mr Noonan was sentenced, the life time ban from the industry seems somewhat inconsequential.
How could AMP as the responsible licensee not have identified and stopped this. More insto incompetence for which all the “good advisers” get blamed and regulated.
Stop blaming the Licencee will change the industry culture , advisers are the only one responsible !!! Its always someone else’s fault !! Man up industry and it will become a profession !!!
They probably did, ASIC takes a lot of credit for what the insto reports.
How did they not identify the problem? He was probably a strong supporter of AMP product. You put the pieces together from there.
Easy for ASIC to do bans on the back of investigations that it did not do 12 years of this conduct, ASIC NEEDS a more proactive investigative compliance approach.