According to a statement issued to ifa, Mr Logan was dismissed from Anne Street Partners following an internal investigation in 2015 which uncovered the fraudulent conduct involving the acquaintance.
As a responsible AFSL holder, Anne Street Partners immediately reported this fraudulent activity to ASIC, the statement said.
“We welcome the result of the ASIC banning order resulting from our internal investigations in order to protect the reputation of the financial services industry and the thousands of finance professionals who work in it,” said Anne Street Partners chief executive Michael Adamson.
“It is crucially important for the benefit of Australia’s financial advice sector that ASIC acts promptly on reports lodged by AFSL holders and has the power to remove financial advisers who behave and act dishonestly from the financial services industry entirely”.
Mr Adamson also confirmed that a full review of Mr Logan’s client files was undertaken after his termination and no other individuals or Anne Street Partners clients were affected.
Yesterday, the corporate regulator has permanently banned a former Anne Street Partners Financial Services adviser for creating false documents and using investor funds for personal use.
According to an ASIC statement today, Daniel Peter Logan, formerly of Brisbane, had engaged in dishonest conduct between 2013 and 2015 by creating false documents to entice an acquaintance to invest money through him.
Mr Logan then used those funds for personal use, ASIC said, and created false documents to perpetuate the belief that those funds had been invested.
I’m not familiar with the story, did he knock up some dodgy brochures to hoodwink a friend into giving him cash then used that personally?
How many chances does WPS or Anne Street Partners get?
Name change on the cards for Anne Street Partners? Seemed to work well from WPS last time to stay in business. I bet the planners left at ASP are feeling the pinch…
So it was immediately reported in 2015…and in 2017 he was “promptly” banned?
How is it that simply being banned from an industry he hasn’t worked in since being sacked deemed sufficient punishment for a blatant criminal activity? Seems to happen all the time. Fraud is a crime and should be treated as such.
Have to laugh that these guys do the right thing by dismissing an adviser and reporting them to ASIC… Causes them bad press.
Many other businesses/firms would just sweep it under the rug and settle it quietly avoiding negativity.