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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 23 Jan 2019Adelaide adviser permanently banned from industryBy Eliot Hastie
- 23 Jan 2019Bowen slams ‘woeful’ handling of royal commissionBy James Mitchell
- 23 Jan 2019Gender super gap lower but still at 34%By Adrian Flores
- 22 Jan 2019Advice issues stem from writing of SOAs, says RafteryBy Adrian Flores
- 21 Jan 2019Federal Court winds up CFS Private WealthBy Eliot Hastie
- 22 Jan 20192.44m Aussies suffer from financial stressBy Sarah Simpkins
- view all