ASIC has permanently banned a former financial adviser after an investigation by the corporate regulator found he was “not of good fame or character”.
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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
18 Jan 2018ABA awaits government action on advice reformsBy Killian Plastow
18 Jan 2018SMSF sector grows 26% in 5 yearsBy Staff Reporter
18 Jan 2018ASIC accepts EU from former Suncorp adviserBy Staff Reporter
18 Jan 2018AIOFP to visit USA on 20th anniversaryBy Staff Reporter
18 Jan 2018AMP honours 'lifetime achievers' at advice summitBy Staff Reporter
09:30FPA members question FASEA linksBy Aleks Vickovich
- view all