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Former AFS adviser enters EU with ASIC

A former authorised representative of collapsed dealer group Australian Financial Services (AFS) Group has entered into an enforceable undertaking with the corporate regulator.

The Australian Securities and Investments Commission has accepted an enforceable undertaking from Sydney-based adviser Gabriel Nakhl, which would permanently prevent him from providing financial services.

Mr Nakhl was a financial adviser at SydFA Pty Ltd, and a former authorised representative of the Salisbury Group – now in liquidation – and the AFS Group, also in administration, as reported by ifa in March.

An ASIC investigation into Mr Nakhl’s conduct as an adviser found he had given “unauthorised financial product advice” and “made false and misleading statements and engaged in misleading and deceptive conduct”.

The investigation into Mr Nakhl's affairs in ongoing. 

 More to come.