Adam David Joyner, a former authorised rep of collapsed boutique Peter Joyner & Associates, has been banned from providing financial services following an investigation.
“ASIC found that Mr Joyner engaged in dishonest conduct that was both deliberate and persistent over a period of three years in relation to four clients, most of whom were elderly,” said a statement from the regulator.
“Further, Mr Joyner was found to have been operating a financial services business, for a brief period, without holding an Australian financial services (AFS) licence.”
Mr Joyner was found to have purchased and sold shares without client authority, leading to losses of more than $1 million.
He was also found to be un-cooperative with ASIC during the investigation process, the statement added.
The AFSL of Peter Joyner & Associates was cancelled in 2011.
ASIC has proven again that they are a toothless tiger All they have done is ban someone that already had no right to trade as a financial advisor. It destroys the image of those that spend so much time & effort to be appropriately trained and accredited. ASIC need to prosecute and gaol individuals like Adam & Peter Joyner to send a very clear message to the industry that there are very real ramifications for this sort of behaviour.
Life in prison would be too good for this creep
I agree wholeheartedly with Denis’s comments with the exception of the length of jail time. In my opinion nothing short of THIRTY years would be appropriate. This cruel dishonesty is deplorable.
How ridiculous, the ASIC has permanently banned a former financial adviser of XXXXX XXXXXX & Associates is that all!
He, the adviser has been banned from providing financial services following an investigation. This guy was able to engage in extreme dishonesty! Faults said to be actioned over three years FOR GOODNESS SAKE! Not one but four clients, most of whom were elderly. This was said a statement from the regulator.
What a disgrace! Oh and yes he has been banned from providing financial services I say Jail for three years would be too good for his ilk.
He is an independent because that is where asic focuses its enforcement activity. Much better to strike off 1000 ifas than do serious investigation into the banks, or even act on whistelblower info, as we have seen.
…and so the Powers of the Financial services sector got together and a plan was hatched to turn over all financial planning to machines. The government smiled down knowingly. “at last there will be no dishonesty – the last financial planner is gone.” Meanwhile, Jim Bloggs, programmer extraordinaire, rubbed his hands together and gave a wicked smile…
What he doesn’t work for CFP. Oh no he is an independent. So it just doesn’t happen with aligned adviser or bank advisers??????
Maybe now everyone will stop attacking the CFP.