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
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all