In a statement, ASIC said it had banned Ian Williams, Peter Daly and Paul Raftery from the industry for five years each.
The regulator said it had banned the three Linchpin directors in November 2019, but that they had applied for a stay and confidentiality order preventing the publication of information about the ban.
Applications for the stay and confidentiality order were heard by the AAT in April, and the tribunal dismissed the applications earlier this week, ASIC said.
The individuals have also applied for a review of their banning orders, hearings for which have not been listed yet.
The regulator said the three men were banned for their roles in the operation of managed investment schemes by Linchpin and Endeavour Securities.
ASIC found the three had failed to act in the best interests of members of the Investport Income Opportunity Fund used their position as officers of the companies to gain an advantage for other persons and cause detriment to members of the Investport Income Opportunity Fund.
“ASIC found that Mr Williams, Mr Daly and Mr Raftery did not understand the importance of the duties of directors to protect members of the managed investment schemes and, as a result, their conduct put significant amounts of other people’s money at risk,” the regulator said.
Important to note that this is a banning from providing financial services, which essentially means you cannot provide advice to clients. Not a ban from financial services entirely. Many individuals receive bannings but can still hold roles as directors, GM or ops managers of business. Doesn’t actually address the risk or the issue at all.
I’m johnny come lately to this – anyone care to summarise this for me? I see the IFA report on them all the time.
Guys… He’s not kicked out of the industry, lol .. IFA has just reported it incorrectly
Then he writes to all his advisers telling them it is all ok, he can still operate in his current role and thank you for your support , Genesys has settled and stay with us. OMG does this guy understand what a banning means. If any advisers stay with these guys they need to get their own adviser to instruct them what best interests means.
So Daly (finally) gets banned and AOIFP appoints him to their board. Nuff said for both.
Unfortunately there are still others out there that some people have thought are messiahs..
Better late than never. I wonder if the AOIFP fighting fund spent its money on the appeal?
They are doing a lot more than the FPA and AFA in supporting advisers ( In no way is this a defence of P.D)
Another mark of credibility for the AIOFP
Great work AIOFP
No justice for the investors who have lost millions due to these thieves. They should be jailed. And they should sell their substantial assets to repay the investors. They have ruined lives of both investors and the advisers who once believed in them.
… what millions were lost? lol unsubstantiated nonsense mate. He took out a loan for a wedding which agreed he shouldn’t have done but he was making the required repayments on time and in full.
Do you have an actual point to what you’re saying or are you just a jaded man who is at the end of the road?
About time. Now to remove their ability to interact in any financial services capacity, including as company directors. They are a stain in our industry and always were.
is that Raftery related to the other FP Raftery? anyone know??
no. not related.
Adrian Raftery here. Absolutely zero relation of mine.
No relation at all.
justice at its best!
Only a 5 year ban? It should be 5 years jail and a lifetime ban! Absolute criminals
I’m surprised by PD’s banning…… said NO ONE ever!
Finally
Arrogance greed and inflated egos blinded them, and a blatant ignorance of the sound professional advice provided to them brought them miserably unstuck.