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
- 19 Oct 2018Life insurer fires 50, kills outbound sales businessBy James Mitchell
- 19 Oct 2018Strategic plan for AFCA releasedBy Eliot Hastie
- 18 Oct 2018Clique Paraplanning launches practice portalBy Reporter
- 18 Oct 2018Challenger announces new Netwealth dealBy James Mitchell
- 18 Oct 2018Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 18 Oct 2018Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- view all