Warren Scott Acworth was banned following an investigation into his conduct between December 2015 and May 2018 while working as an adviser with Macquarie Equities Limited, according to a statement from ASIC.
Mr Acworth misrepresented to his client the value of the client’s portfolio on 19 separate occasions, engaged in trading without the proper authority of the client, and transferred $185,000 between the client’s accounts without authority.
Based on his conduct, ASIC also found Mr Acworth is not of good fame and character to provide financial services.
No allegations of any theft, financial losses or anything of the like. Hmmm……was he banned because of admin issues? More to this story than meets the eye, methinks.
Looking for more positive news. About to stop reading to all negatives
When is ASIC going to go after the rest of the Macquarie Stock Brokers from that era that traded on clients accounts without their authority and clients were none the wiser re the fact Macquarie did not hold a discretionary trading licence
It never ceases to amaze me that the only news you consider worthy of headlines is regarding yet another banned adviser. How about some good news stories, a positive slant on what advisers achieve. Who ever edits this material for publication obviously understands little about the advice industry and cares even less about those who work in the industry that achieve great things for their clients..
Agree wholeheartedly 1000%
Another minnow offered up to the media whilst the big players continue to pillage with impunity. How long with their cozy arrangements wtih the regulator last?
FFS he’s a stockbroker, not a Financial Adviser.
https://www.afr.com/street-talk/queensland-rainmakers-depart-macquarie-private-weath-20180524-h10h4r
That’s like banning someone who has an AFSL for the purposes of running a horse racing syndicate and saying “ASIC Cancels AFSL of Investment Firm”
Yes but he works for a firm that advertises they provide financial planning advice. Yet, when the average punter walks into these firms with average monies and they’re looking for advice, they get told they’re mainly buying/selling shares but when the sophisticated clients turns up they’re now doing holistic wealth creation.
Can we please have some stories on all the great outcomes that good financial planners are delivering for their clients?
And between may 2018 and February 2020, how much further havoc has this crook reeked?
It looks to me that ASIC remains “asleep at the wheel” .
Whilst this action sounds appropriate based on the allegations, it is yet another Adviser exited from the industry for inappropriate actions, whilst the highly paid Bank executives, who have committed many times more ”crimes” gleefully write cheques for their wrong doings…not right !! When will our politicians wake-up??
Yeah, why dont this guys supervisers and managers get the blame. This guy is a lowly employee of Macquarie, trying to make targets set by his managers in any way. The managers and the people getting paid proper money need to be held responsible or else this thing will continue to happen forever as employees strive to achieve the targets set by mamagement and mamagement can wash their hands of any wrong doing time and tme again.