The corporate regulator has banned a former UBS client adviser from providing financial services for five years for misleading and deceptive conduct.
ASIC has announced that Sebastian Konjevic, a former client adviser at UBS Wealth Management between September 2005 and April 2013, has been banned after an investigation found him guilty of breaches of the Corporations Act.
The investigation found that Mr Konjevic had entered into an arrangement with a resources company, Astra Resources PLC, under which he stood to receive 900,000 shares in the company if he was successful in recommending that clients invest in Astra stock, as well as assisting Astra to gain access to UBS custody services.
A number of UBS clients invested a total of $1 million in the company upon Mr Konjevic’s recommendation, according to ASIC, resulting in the former adviser receiving 900,000 shares in Astra.
More to come.
After Labor has secured a somewhat surprising landslide win in the federal election, the FSC CEO said this will now be a ...
Platform executives are pushing for more advice revenue to be invested in advice tech capabilities, labelling the ...
The licensee said around 80 per cent of eligible Brighter Super members have confirmed they will transition their advice ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin