On Monday, 4 April, ASIC confirmed the ban against Mark Christopher Babbage after he was convicted of three charges relating to a “failure to comply with a direction under the Emergency Management Act 2005 and one charge of gaining a benefit by fraud in contravention of the Criminal Code WA on 13 October 2021 in the Magistrates Court of Western Australia”.
Mr Babbage was an authorised representative of Wealthsure from 6 February 2013 until 5 March 2014 and then Capstone Financial Planning from 6 March 2014 until 14 October 2021.
He was also the director of Babbage Finance until 13 October 2021.
The ban, which took effect from 11 March 2022, also prohibits Mr Babbage from controlling an entity that engages in credit activities or carries on a financial services business.
Due to the fraud conviction, Mr Babbage is also automatically disqualified from managing corporations for five years.
Mr Babbage has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.
Could we please stop referring to executives from large corporate licensees each and every time any authorised representative is found guilty and sentenced for misconduct. It’s not a case of monkey see…monkey do !!!
The profession of Mr Babbage is not the issue. He has intentionally ignored federal and state laws.
Good! To the people on here arguing that his actions had nothing to do with financial planning, sure, that may be the case, but the point you seem to overlook is, were his actions (fraud and knowingly breaking the law) consistent with that of a professional person of good fame and character? Open’s up a big question about trustworthiness too!
WOW, not defending stupid actions – 10 years – surely an overreach. Got a parking ticket – need to self report – that will be 6 months.
Just to fill in some detail. ASIC has given him a 10 year ban because he breached quarantine when he was trying to get into WA. He wont be able to manage a corporation for five years.
And yet the executives from NAB, AMP, CBA, etc who were responsible for the fees for no service fraud are still free to hold office.
Am I the only one that thinks this is wrong?
He got 10 years for fraudulently completing and forging documents
No, they got 3 months in jail for fraudulently completing and forging documents, with the remainder a suspended sentence.
ASIC have not banned them because they forged documents, they banned them because in their own words “ASIC is satisfied that Mr Babbage lacks the honesty and integrity to participate in the financial services and credit industries.”
Personally, I don’t really care what happens to him.
However, the point you might be missing is a few years ago there was a Royal Commission that highlighted the fees for no service scandals, dodgy insurance being sold……. The money paid back is in the Billions. However, not one of the many senior executives involved have been told they lack the integrity or honesty to participate in the financial services and credit industries. Seems like different rules for different people.
this in the code , its unfair but its correct, some discretion should been taken, the new world ???
Wonder what “benefit” did he gain by fraud?
its called bringing the profession into disrepute; and yes a Dr or lawyer, or accountant would cop the same or similar.
No they wouldn’t.
And it’s not bring in the profession into disrepute as it had nothing to do with his occupation.
Hopefully you don’t get a speeding ticket, otherwise you’re a gonner.
An idiot, sure, but 10 years for nothing that has anything to do with Fincial Services – surely this is overreach.
Would a doctor get this?
He committed a fraud under the criminal code. Surely 10 years of non-advice is the least we should expect as an industry trying to become a profession?
There are worse frauds ignored in the corporate area every day. Just look at the big banks and AMP.
unfortunately FP are ASICs whipping boys. I’ve seen CPAs and CAs commit monetary fraud and had the matters hidden with light reprimands. Don’t get me started with property spruikers who never are held accountable for the damage they inflict…rant over.