Mark Alexander Landau of Balmain, NSW (formerly of Toorak Gardens, South Australia) and Marcus Roderick Campbell of South Brighton, SA, were banned by ASIC’s Financial Services and Credit Panel from providing financial services for 10 years on 10 August 2018, ASIC said in a statement.
ASIC said the AAT delivered its decision on 8 February 2019, following Mr Landau and Mr Campbell’s application for review.
Further, the AAT found Mr Landau and Mr Campbell’s conduct in falsifying email exchanges with clients and saving those falsified emails to Macquarie’s central system for recording client advice, and entering false transaction records into Macquarie’s order management system was:
- misleading or deceptive in breach of section 1041H of the Corporations Act; and
- dishonest.
“In reducing the banning period, the AAT took into account that none of Mr Landau and Mr Campbell’s clients, nor Macquarie, suffered loss, the misconduct involved isolated acts and was not for personal gain,” ASIC said
“The AAT was ‘satisfied that neither of them will in the future engage in similar misconduct.”
ASIC said it is “considering the AAT decision”.
“In reducing the banning period, the AAT took into account that none of Mr Landau and Mr Campbell’s clients, nor Macquarie, suffered loss, the misconduct involved isolated acts and was not for personal gain,” ASIC said. I find this particularly inconsistent with previous banning orders applied to advisers. The impact of fraudulent acts should be irrelevant; the act and the intent itself should justify a significant banning because it represents a failure to act efficiently, honestly and fairly. One might suggest that irrespective of public posturing, effective and consistent regulation is in fact subject to the consent and agreement of the Institutional Licensee.
If you blokes engage in email fraud on behalf of clients to protect your Ass , you need to be sacked !!! No FP in Australia should be supporting these guys . This is the whole problem with the Industry. Cowboys, and we now have so much extra compliance due to this bad behaviour . Remember the millionaires factory is not exempt from basic honesty even if they try the old sophisticated investor cover .
this is what happens when the industry allows outside intrusion and the government to dictate the terms of practice.
the sooner we get the fasea education, exam and become self regulated the better
as an example, there are doctors who continue to practice after they have taken out an organ incorrectly (yes they might be suspended for some time, rightly so, and pay out a lawsuit). but they continue to practice. Why do doctors get to have the right to practice. mbbs is only a 4 year course. I’ve done 10 years of study.
people make mistakes, especially when you are shoveling thousands of pieces of paperwork under pressure
ASIC overdoes the banning just like it overdoes the EU. in fact, they should be doing the opposite, offering EU’s to small practitioners and taking the big institutions to court
good point. we need to deal with issues privately in the industry rather than airing our dirty laundry and be subject to judgement by media. that is the reason why -even though the vast majority of advisers do the right thing – we have a negative reputation that precedes us
we need to admonish privately and praise publicly if we want to have a profession at all. but in this instance it seems, the two were [i]involved in had engaged in conduct that was deliberate and dishonest and involved continued, knowing and wilful contraventions of the law.[/i]
knowing and willful dishonesty has no place in our industry.
Get the facts right first before postulating.
I can’t believe anyone would suggest that falsifying records is the fault of overzealous compliance or admin. They mislead and deceived and were dishonest. There is no place in our industry for this, nor should it be condoned.
Read the facts and transcript baby, um no and no! But of course you know more than those in the tribunal making decisions. The world is so full of self righteous do-gooders wh do nothing except make this a worse place. Go check the Good Place tv series, you’d fit right in!
Wrong, read the correct info not just an ASIC media release
Poor baby was wrong and says he won’t do it again. Really?
Time to act like adults and accept the consequences for fraudulent behaviour guys. You knew what you were doing was inappropriate.
Jail Macqurie’s MD. The fish rots from the head.
They have won the battle but not the war – ASIC will just appeal the AAT decision in the Federal Court because they don’t like to look like fools or lose a case especially when they rest of the country is looking on!
Thank you second writer. Some of us need to grow up, Fraud is Fraud no matter what you wrap it in.
Love for you to be on the receiving end of an ASIC witch hunt, noob 🙂 🙂 🙂 🙂 Holier than thou bs at its finest. So if your Accountant had incorrect details in your file (not ITR) but then went back to fix it up and it made no material difference to the advice or implications on client situation, that’s fraud? You need to get that rectal blockage ie your head, looked at.
IFA would love to hear the other version from these planner’s perspective, not just an ASIC slanted media release where it still aims to paint a bad light on the advisers. Am assuming it was some nonsensical administration or compliance aspect blown out of all proportion that the AAT thankfully took a realistic view of. Can you add any more details please with the real information?
ASIC have a vendetta against planners, especially all now that the RC has stated they were deficient (though interestingly happy enough to take brides, sorry ‘gifts’ from the big banks while mainly leaving their executives alone). This appears to be yet another beat up of compliance over common sense.
I’ve had an occasional lunch, glass of wine etc from a provider but no one has ever offered me a bride.. must be a Channel 9 exclusive offer.
I’m sorry, it was acknowledged they both “falsifying email exchanges with clients and saving those falsified emails to Macquarie’s central system for recording client advice, and entering false transaction records into Macquarie’s order management system” yet their ban has been reduced considerably to just a slap on the wrist. Unethical behaviour. We do not want people like this within our industry!
Oh please, get real. From what I can gather it was nothing material, more a minor compliance trail regarding whether the client was a sophisticated investor which he clearly was, but after the work or transaction was done. The AAT also took into account that the clients testified strongly on the advisers side. There is a difference between ‘unethical’ and ‘dishonest’ and not filling in some details that a compliance nazi then persecutes you for. I would also go so far to say that every FP office in Australia would be susceptible somewhere if a compliance person or ASIC decided they wanted to find fault. From what I understand these two simply were silly enough to try to fix up a silly error afterwards and made a bigger mess for themselves. They certainly do not deserve and end to their career and I bet after this they will be meticulous in future.
Is that you Mark or Marcus?
asic will loose more in court and in the appeals. they are not reasonable at moment always hammering small players. those that have the financial backing should fight on