ASIC bans adviser for 'serious misconduct'
ASIC has banned a Queensland-based financial adviser from engaging in providing financial services for what the regulator describes as “serious misconduct”.
Mr Tranh Quoc Tu, a former adviser with Patersons Securities Limited and Cognitive Wealth Pty Ltd, has been banned for acting dishonestly in relations to clients’ funds and for trying to conceal his behaviour.
ASIC has found that between September 2008 and December 2013, Mr Tu misled investors on where their funds would be invested.
Mr Tu also misled 18 separate client investors to invest $9,179,073.53 in various investment products, with only 10 per cent of the money being returned to investors.
ASIC Commissioner Peter Kell described Mr Tu’s misconduct as very serious.
“ASIC will ensure anyone who acts dishonestly and places their own interests ahead of those they advise will be removed from the financial services industry,” said Mr Kell.
Mr Tu has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
What is the value of an adviser?
A new report has dived into the value of advisers and found that they deliver va...
Expect industry overhaul: FPA
Financial planning is set to have a revamp, the Financial Planning Association o...
Industry needs to speak the language of women
The adviser industry still has work to do in finding a way to speak the language...