ASIC has handed down a seven year banning order against a former employee of Commonwealth Financial Planning, identified as part of the enforceable undertaking accepted in 2011.
In a statement issued today, ASIC announced it has banned Jade Zaicew from engaging in credit activities and providing financial services.
An ASIC investigation found that Mr Zaicew – who was a Commonwealth FP adviser between May 2008 and 2012 – engaged in misleading and deceptive conduct including “conducting unauthorised transactions on several client accounts including false information in three documents for the purpose of recording client instructions that were not in fact given, and backdating four records of advice contained on client files”.
Update added 7 April 2021: The ban against Mr Zaicew has now been lifted.
Backdating records of advice….gulp. Sometimes maybe we’re better off not documenting things at all. I can only assume it was backdating to cover one’s butt rather than just not having the time or efficient software to do it on the spot. Otherwise, would the last adviser please shut the door on the way out…thanks
Another CFP planner bites the dust. And the CEO wants to shift all responsibility back to the Planners – to this day is still in $ denial regarding culture problems. 7 years rightly so, but what did the white collar crims get on Wall Street for masterminding the GFC?
They got their million dollar bonuses. And who does ASIC target? – the small guy, nothing but a bunch of toothless poodie cats…